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USD/JPY rejects a look at 160 in Asian trading

As you all surely know, the USD/JPY reached a 2024 high at 160.17 on April 29. That was its highest level in 34 years and a level not seen since 1990. The subsequent drop back to a low at 151.86 on May 3 was almost entirely all reversed last week, when the dollar lifted to a high at 159.84 on Friday. The USD/JPY later closed the week not far below that high, at 159.80. Earlier today the dollar edged to a high at 159.92, but so far it has rejected a stern test of that 160 handle again and backed off to a low at 159.62 a little earlier. There is clearly some trepidation at these levels. The USD/JPY is right now trading at 159.75

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