**BREAKING: USD/JPY Stalls at Key Resistance as Yen Shows Consolidation Pattern**
The US Dollar-Japanese Yen pair is consolidating after failing to breach critical resistance near 162.80, according to Societe Generale strategist Kenneth Broux. The currency pair remains locked in a tight trading range as markets assess the next directional move. Technical analysis identifies crucial support at the 160.40 level, which corresponds to the March 2024 peak and represents a significant floor for the pair. If bulls manage to break through current resistance, strategists project potential upside targets reaching 163.70 to 164.40. The consolidation pattern follows recent attempts to push higher that have so far been rejected at the 162.80 threshold.
Traders and forex brokers should monitor these technical levels closely as a decisive break in either direction could trigger substantial position adjustments and volatility in yen-denominated assets.
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FXnCO Insight
** Watch for a confirmed break above 162.80 or below 160.40 to signal the next major directional move in USD/JPY, with stops likely clustered around both levels creating potential acceleration zones.
Source: FXStreet