USD/JPY climbs 0.5% to 148.65 amid Trump drama, palm oil duties rise

USD/JPY strengthened 0.5% to 148.65 on Wednesday, July 17, as the dollar gained momentum against the Japanese yen in a session marked by ongoing Trump administration uncertainty. The pair's advance reflects broader dollar strength despite continuous political drama surrounding trade policies and Federal Reserve criticism from President Trump. Markets remain on edge with Trump's unpredictable approach to geopolitics and monetary policy commentary creating volatile trading conditions. In commodity markets, Malaysia's decision to raise palm oil export duties added another layer of complexity to global trade dynamics, though direct forex impact remained limited. The USD/JPY move represents a significant retest of recent resistance levels, with traders eyeing the 149.00 psychological barrier. Technical momentum suggests further upside potential if the pair sustains above 148.50, while downside support sits at 147.80. Continued Trump-related headlines could inject additional volatility into yen crosses.