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Japanese Yen Technical Outlook: USD/JPY Challenges 2024 Highs as Intervention Risk Looms
Japanese yen weakness and USD/JPY breakout risks are back in focus as the currency pair tests major resistance near its 2024 highs. Michael Boutros, Senior Market Analyst at FOREX.com, examines the technical outlook for USD/JPY, the growing threat of Japanese intervention, extreme retail positioning, and why upcoming U.S. inflation data could determine whether the rally extends further.
Date:
23.06.2026 |
Source:
forex.com
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Quotes
| Instrument | Price | Change (%) |
|---|---|---|
| EURUSD | 1.137980 | -0.42526% |
| GBPUSD | 1.318710 | -0.46044% |
| USDJPY | 161.564000 | +0.029718% |
| XAUUSD | 4124.575000 | -1.60114% |
| USDCAD | 1.420810 | +0.3957% |
| NZDUSD | 0.566680 | -0.80868% |
| USDCHF | 0.810180 | +0.28346% |
| AUDUSD | 0.691300 | -1.25555% |
| EURGBP | 0.862920 | +0.089312% |
| EURJPY | 183.864000 | -0.39438% |
| GBPJPY | 213.059000 | -0.44763% |
| AUDJPY | 111.688000 | -1.20827% |
| CADJPY | 113.720000 | -0.29284% |
| CHFJPY | 199.414000 | -0.17221% |
| NZDJPY | 91.558000 | -0.82324% |
| GBPCHF | 1.068320 | -0.25023% |
| EURCHF | 0.921960 | -0.14081% |
| USDMXN | 17.582360 | +1.29255% |
| USDZAR | 16.552400 | +1.07596% |
| USDTRY | 46.471800 | +0.009254% |
| USDRUB | 74.496300 | +0.35807% |
| USDSEK | 9.742540 | +1.39945% |
| USDCNY | 6.781000 | +0.10334% |
Upcoming Important Events
| Time | Country | Event | Forecast | Previous |
|---|---|---|---|---|
| 24.06.2026 | ||||
| 08:00 | 🇩🇪 | Ifo Business Climate (Jun) | 85.6 | 84.9 |
| 25.06.2026 | ||||
| 06:00 | 🇩🇪 | Consumer Confidence (Jul) | -27.5 | -29.8 |
| 12:30 | 🇺🇸 | Core PCE Price Index MoM (May) | 0.3 | 0.2 |
| 12:30 | 🇺🇸 | Durable Goods Orders MoM (May) | -4.3 | 7.9 |
| 12:30 | 🇺🇸 | Personal Income MoM (May) | 0.4 | 0 |
| 30.06.2026 | ||||
| 01:30 | NBS Manufacturing PMI (Jun) | 50.3 | 50 | |
| 01:30 | 🇦🇺 | RBA Meeting Minutes | ||
| 06:45 | 🇫🇷 | Inflation Rate YoY (Jun) | 2.4 | 2.4 |
| 09:00 | Inflation Rate YoY (Jun) | 3.4 | 3.2 | |
| 12:00 | 🇩🇪 | CPI MoM (Jun) | -0.2 | |