**BREAKING: USD/JPY Rallies Toward Critical 160.50 Resistance After Technical Bounce**
The dollar-yen pair is pushing higher following a successful defense of key support levels near 155, where a multi-month ascending trendline converged with the 200-day moving average, according to Societe Generale analysts. USD/JPY has now rebounded sharply and is approaching the April peak between 160.50 and 160.70, which represents major resistance territory for the pair.
The technical bounce comes as traders watch whether the greenback can break through this critical ceiling against the Japanese yen. A breach of the April high could signal further dollar strength and yen weakness, while failure to penetrate this zone may trigger profit-taking and renewed downside pressure.
Currency traders and FX desks should monitor this level closely as positioning ahead of potential intervention concerns remains sensitive. The 155 support held firm, validating bullish momentum for now.
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FXnCO Insight
** Watch for intraday volatility around 160.50-160.70 as this April resistance will likely determine near-term directional bias for USD/JPY positioning.
Source: FXStreet