USD/JPY Breaks Above 2024 High at 161.97, Surges to Fresh Peak of 162.51

USD/JPY has extended its bullish squeeze, breaking decisively above the key 2024 high near 161.95-161.97 and surging to a fresh session high of 162.508. The breakout was accompanied by strong buying momentum, with the pair initially rallying to 162.399 before pulling back to 162.04—just 7 to 9 pips above the former resistance zone—confirming a classic resistance-to-support flip. Buyers defended this level aggressively, reinforcing the bullish structure. During the North American session, renewed buying pressure drove the pair to 162.508 before another sharp pullback tested the 162.025 area. The repeated defense of the breakout zone near 162.00 suggests strong underlying demand and establishes this level as critical near-term support. Resistance now sits at the session high of 162.51, with a sustained break above potentially opening the door toward 163.00. Traders should monitor Bank of Japan commentary and US Treasury yield movements, as both remain key drivers. The price action favors buying dips toward the 162.00 support zone while the breakout structure holds.