USD/JPY is holding steady around 161.65 and still looks bullish for now.
The pair remains comfortably above its 20-week EMA near 158.72, which suggests the broader uptrend is still intact. Momentum also looks healthy, with the weekly RSI sitting around 64 - strong, but not yet in overbought territory.
On the downside, 160.00 is the first key support level to watch, followed by the 20-week EMA around 158.72. On the upside, all eyes are on the 162.00 area. A clean break above that level would push USD/JPY into new all-time highs.
For now, the bulls remain in control, but 162.00 is the level that could really determine the next big move.
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