USD/JPY once approached the 2024 high before quickly pulling back

Odaily Planet Daily News: USD/JPY briefly rose above 161.90 before sharply declining to 161.20. However, the drop attracted buying support, quickly pushing the pair back up to 161.65. Japanese officials have repeatedly issued warnings, stating that they are closely monitoring market movements.

Last Friday, USD/JPY recorded its highest weekly closing price in 40 years, and the end of the conflict in Iran does not seem to have provided any relief. Today's earlier gains broke through June's high of 161.80, but the intraday high of July 2024 at 161.94 still remains unbroken (though it is dangerously close). As the Ministry of Finance faces a test, yen trading is set to enter a period of uncertainty. (Jin Shi)