USD/JPY hits new highs as intervention risks growU.S. Dollar / Japanese YenFOREXCOM:USDJPYFOREXcomThe USD/JPY has poked its head above the July 2024 high of 161.95, meaning all the prior half-hearted intervention efforts have not helped to put a floor on the yen selling. But to be fair, it has been a strong dollar environment and their efforts have helped to slow the selling pressure. With the US dollar index having just rallied for two consecutive weeks on the back of a hawkish Fed and strong US data, the question is how will Japanese authorities prevent the pair from rising further? Clearly, intervention has proven ineffective so far. But that doesn't mean they won't take any further action. They might go even harder next time, so watch out for that. Key support now comes in around 160.60-75, followed by 160.00. Line in the sand is at 159.55. Bearish below that. By Fawad Razaqzada, FOREX.com analyst.