USD/JPY targeting higher levels despite intervention risksUS Dollar vs Japanese YenFPMARKETS:USDJPYFPMarketsIt would be remiss of me not to shine some of the limelight on USD/JPY right now – a pair that has been propelled to highs north of ¥163 in recent trading (levels not seen since 1986). Bolstered by rising yields and USD strength, the unit is well and truly within intervention territory right now; verbal intervention from Japan’s finance minister has clearly had limited effect. From a technical perspective, USD/JPY bulls are likely to remain in the driving seat, with scope for further outperformance to resistance just south of ¥164. This level has historical significance dating back to mid-1986. Consequently, while intervention risks remain elevated, buyers could continue to push this market higher. Written by FP Markets Chief Market Analyst Aaron Hill