USD/JPY remains stuck near resistance at 158.00 – 158.50 despite the pullback in Treasury yields. I’d note that USD/JPY has become less sensitive to Treasury yield dynamics in recent trading sessions.

Today, traders focused on BoJ Governor Ueda speech. Ueda said that BoJ would continue to raise the interest rate.

If USD/JPY climbs above the 158.50 level, it will move towards the next resistance level at 160.00 – 160.50. On the support side, a move below the 50 MA at 157.76 will push USD/JPY towards the 157.00 level. If USD/JPY settles below 157.00, it will head towards the support level at 155.00 – 155.50.

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