USD/JPY Upside Pressure Builds as 160 Comes Into FocusUS DOLLAR VS JAPANESE YENERRANTE:USDJPYErranteFundamental The latest news flow is broadly USD-supportive and JPY-negative. Recent reporting indicates the dollar has been supported by safe-haven demand, while higher U.S. Treasury yields and firm energy prices have continued to pressure the yen. At the same time, the market remains highly focused on the 160 area, which is widely seen as a zone where Japan may become more vocal or active. On the Japan side, the backdrop is mixed. Recent BOJ-related developments still point to underlying inflation staying above target, which keeps the medium-term case for further normalization alive. However, uncertainty tied to global tensions and energy costs may make the BOJ cautious about moving too quickly. The main near-term macro risk remains possible Japanese intervention or stronger official warnings if USD/JPY pushes further above 160. That means the broader trend can stay upward, but upside may become increasingly unstable if authorities step in verbally or directly. Technical USD/JPY on the 4H chart is trading around 159.92, near the upper half of the Bollinger structure and above the short-term moving averages shown. The recent sequence of higher lows from the March 24–27 rebound suggests near-term bullish momentum remains intact. Price has also moved back above the 100% retracement area near 159.64, which now looks like the first key support from your Fib overlay. The PPO is positive and rising, supporting the current upside bias, while ROC looks modest rather than explosive, so the move still looks more like a steady climb than a breakout surge. As long as price stays above 159.64, the chart favors another test of 160.09 and possibly 160.32. A move back below 159.64 would weaken the setup and open room toward 159.02.