USD/JPY briefly approached its 2024 high before rapidly declining

Odaily planet news: USD/JPY briefly rose above 161.90 before rapidly falling to 161.20. However, this decline has attracted buying support, and the exchange rate quickly rebounded to 161.65. Japanese officials have repeatedly issued warnings, stating that they are closely monitoring market developments.

Last Friday, USD/JPY recorded its highest weekly closing price in 40 years, and the end of the Iran war seems to have brought no relief. The earlier rise today broke through the June high of 161.80, but the July 2024 intraday high of 161.94 remains unbroken (though it is hanging by a thread). As the Ministry of Finance faces a test, yen trading will enter a period of uncertainty. (Jinshi)