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The USD/JPY pair is consolidating below the 160.45 level with a neutral intraday bias. Key support at 157.49 (38.2% retracement of the 152.25 to 160.45 range) remains critical for maintaining the bullish outlook. Daily pivots are set at S1: 159.48, P: 159.62, and R1: 159.81. A breakdown below 157.49 could trigger further declines, while a firm break above 160.45 might resume the upward trend from earlier in the year.
For traders, the 160.45 resistance and 157.49 support levels are pivotal for decision-making. A sustained move above 160.45 could attract buyers, while a failure to hold above 157.49 may lead to renewed selling pressure. The pair's volatility around these levels offers opportunities for both long and short positions, depending on risk tolerance and strategy.
MENA investors should monitor the USD/JPY closely, as it is a major cross-currency pair influenced by global macroeconomic factors. The pair's performance could impact Gulf forex traders, particularly those with exposure to Japanese yen or U.S. dollar assets. Key watchpoints include the 160.45 resistance and 157.49 support, with potential follow-through moves depending on the outcome.
