USD/JPY Surges to 8-Month Peak on Six-Day Rally

USD/JPY extended its impressive winning streak to six consecutive sessions, reaching 149.85 - the highest level since February 2024. The pair gained 0.8% (120 pips) in today's session alone, bringing the weekly advance to 2.1%. Dollar strength stems from robust US economic data and hawkish Fed rhetoric, while the yen suffers from the Bank of Japan's continued dovish stance despite inflation pressures. Technical momentum remains firmly bullish, with the pair breaking above key resistance at 149.50. However, overbought conditions are flashing warning signals - RSI sits at 74 and the pair trades 3.5% above its 50-day moving average. Immediate resistance lies at the psychological 150.00 level, where options barriers may trigger profit-taking. Support levels stand at 149.20 and 148.50. Japanese officials have intensified verbal warnings about excessive yen weakness, raising intervention risks above 150.00.