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The USD/JPY pair extends its two-day upside to near 159.75 during the European trading session on Thursday. The pair reflects strength as the US Dollar (USD) outperforms its peers due to rising oil prices amid the prolonged closure of the Strait of Hormuz.
💡 DMK Insight
The USD/JPY’s climb to near 159.75 signals a strong dollar, but here’s why it matters: rising oil prices are pushing the greenback higher, reflecting broader market dynamics. With the Strait of Hormuz closure affecting oil supply, traders should keep an eye on how this impacts inflation expectations and the Fed’s monetary policy. A stronger USD typically weighs on commodities, so watch for potential pullbacks in oil prices that could shift the USD/JPY’s momentum. If the pair breaks above 160, it could trigger further buying, while a failure to hold above 159.50 might signal a reversal. Keep an eye on the daily chart for these levels and consider how institutional players might react to these shifts, especially if geopolitical tensions escalate further.
📮 Takeaway
Watch for USD/JPY to hold above 159.50; a break above 160 could lead to more upside, while a pullback may signal a reversal.
