USD/JPY Tests 156.13/156.50 Resistance as Hawkish Fed Raises Bar for BoJ

USD/JPY is pressing the 156.13/156.50 resistance zone after the Federal Reserve's rate hike and accompanying signal of further tightening widened the dollar's yield advantage over the yen. The hawkish Fed effectively raises the bar for the Bank of Japan, which must now deliver a faster normalisation pace to close the rate differential and support the currency. Japanese services inflation and underlying core price measures remain the critical inputs: firmer readings would strengthen the case for additional BoJ hikes and cap the pair, while softer data would leave the yen exposed to renewed depreciation. Technically, a decisive daily close above 156.50 opens scope toward the next psychological handle at 157.00, whereas rejection at current levels shifts focus back to support near 155.00 and the prior consolidation base. Traders should monitor US Treasury-JGB spreads as the primary driver, alongside Japanese verbal intervention risk, which historically intensifies as the pair advances into the upper 150s. Position sizing discipline is advised given elevated event-driven volatility around both central banks.