USD/JPY surges above 158.00 on dollar strength and Japan election uncertainty
USD/JPY has rallied 0.8% to 158.20, breaking through the psychologically important 158.00 level as dollar strength combines with political uncertainty in Japan. Rumors of potential snap elections have weakened the yen, with markets pricing in political instability that could delay Bank of Japan policy normalization. The pair's momentum accelerated after breaking above resistance at 157.50, with technical indicators showing overbought conditions but continued upward pressure. EUR/USD has simultaneously dropped to 1.0240, confirming broad dollar strength across majors. Gold has retreated 0.5% to $2,650 as rising yields support the greenback. The next resistance for USD/JPY sits at 158.80, the November 2024 high, while support has formed at 157.50. Japanese officials have intensified verbal warnings about excessive yen weakness, raising intervention risks above 160.00.
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