It's interesting to see USDJPY still holding up so well despite the replacement of Kanda, who initiated significant yen intervention due to JPY depreciation. Clearly, that was not enough to strengthen the yen, which is now trading above 160. Japan's authorities are likely to take further steps, including potential interventions or hawkish policy actions, to reverse this trend. Looking at the wave structure, it appears that the uptrend remains intact, now forming a higher degree impulse as recent drop and small pullback from the highs have once again stabilized at the previous 2024 highs, which is clearly a new strong support level. This suggests that new highs for USDJPY can be anticipated, potentially towards the 162-163 area, fitting the fifth wave projection target.
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