USD/JPY Surges to Near 2024 Highs on Short‑Squeeze Momentum

The U.S. dollar versus the Japanese yen broke past the 160.00 barrier, climbing to 161.76 and edging toward the 2024 peak of 161.92. Analysts note a bullish trend line forming near 160.40 and resistance points at 161.20, 162.00 and a potential test of 165.00 if the rally continues. The move is being driven by a short‑squeeze, with traders covering positions as the pair breaches levels previously defended by Japanese authorities. Earlier in the year, fears of intervention caused a sharp drop to around 155.00, but the currency pair has since recovered and now sits nearly 200 pips above 160.00.

Technical commentary also mentioned that the euro‑dollar slipped below 1.1520 and that West Texas Intermediate crude fell under $76.50, signaling broader market shifts alongside the yen’s rise.