USD/JPY briefly approached the 2024 high before rapidly pulling back

Odaily USD/JPY briefly rose above 161.90 before sharply dropping to 161.20. However, this decline attracted buying support, quickly pushing the exchange rate back up to 161.65. Japanese officials have repeatedly issued warnings, stating they are closely monitoring market movements.

Last Friday, USD/JPY recorded its highest weekly close in 40 years, and the end of the Iran war does not seem to have provided any relief. Today's earlier rise broke through the June high of 161.80, but the July 2024 intraday high of 161.94 remains unconquered (though it is hanging by a thread). As Japan's Ministry of Finance faces a test, yen trading is set to enter a period of heightened uncertainty. (Jin Shi)