USD/JPY is trading around 159.40, extending gains for the fourth consecutive session. The US Dollar remains supported as markets anticipate the Federal Reserve will keep rates unchanged at next week’s meeting, with the current range at 3.50%–3.75%.

The Japanese Yen remains under pressure due to rising oil prices and Japan’s dependence on Middle East crude. Authorities have signaled readiness to intervene if necessary, while the Bank of Japan emphasizes the growing role of exchange rates in imported inflation.
Key Drivers
US Dollar Strength: Stable Fed policy expectations keep USD/JPY elevated.
Oil & Inflation: Middle East tensions push oil higher, increasing imported inflation risk in Japan.
Japanese Authorities: Finance Minister Katayama and BoJ Governor Ueda remain watchful; intervention possible near 160.
Strategic Oil Release: Japan plans to release ~80 million barrels from reserves starting March 16 to ease disruptions.
Technical Levels
Resistance:
159.80–160.00 – Previous intervention zone; key psychological level
160.50 – Next target if bullish momentum continues
Support:
158.50 – Immediate floor
157.80 – Recent consolidation low
157.00 – Strong support aligned with prior swing lows
Outlook
Bullish: USD strength and oil-driven inflation could push USD/JPY toward 160–160.50.
Bearish: Yen intervention or easing geopolitical tension may test 158.50–157.80 support.
Macro Watch:

 Upcoming US PCE inflation, GDP, and consumer confidence data may trigger the next directional move.

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