USD/JPY Price Forecast: Approaches almost two-year high near 160.70

  • June 2, 2026
  • Posted by: EWGFX
  • Category: news
No Comments

The USD/JPY pair trades marginally higher to near 159.73 during the early European trading session on Tuesday. The pair edges up as the Japanese Yen (JPY) underperforms due to growing concerns regarding whether the Bank of Japan (BoJ) will raise interest rates in the near term.

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.

Last week, Former BoJ Deputy Governor and current member of Japan’s Council on Economic and Fiscal Policy, Masazumi Wakatabe, said that it is important to understand whether the economy can withstand tighter monetary conditions, Reuters reported.

Meanwhile, fears of Japan’s intervention into forex markets remain intact, with the USD/JPY pair approaching prior intervention levels at around 160.70. However, Japanese officials have been consistently avoiding mentioning any key forex levels.

As of writing, the US Dollar (USD) trades subduedly amid uncertainty surrounding the United States (US)-Iran permanent peace deal, with the US Dollar Index (DXY) wobbling around 99.15.