USD/JPY rises 0.4% as yen weakens across the board in Asian trading
The Japanese yen experienced broad-based weakness during Monday's Asian session, with USD/JPY climbing 0.4% (60 pips) to 149.85, approaching the psychologically important 150.00 level. EUR/JPY advanced 0.5% to 162.45, while GBP/JPY gained 0.4% to 196.70. The yen's decline came despite no major fundamental catalysts, suggesting position adjustments ahead of this week's Bank of Japan meeting minutes release. Japanese equity markets supported the move, with the Nikkei 225 gaining 0.8% on yen weakness boosting exporter shares. Technical analysis shows USD/JPY breaking above the 149.50 resistance level, with next target at 150.20 (monthly high). Support now lies at 149.30 (previous resistance turned support). The absence of intervention rhetoric from Japanese officials has emboldened yen bears, though traders remain cautious of potential verbal intervention if USD/JPY approaches 151.00.
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