The USD/JPY pair continues to trade in a narrow range around 151.00, with investors watching for any potential breakout as it tests crucial technical resistance levels. Recent market activity has seen fluctuations in the pair, but it remains largely stable, indicating the struggle between bullish and bearish forces in the short term.

Amid broader concerns about the direction of the U.S. dollar and Japan’s economic policies, 151.00 has emerged as a pivotal level. A sustained break above this point could signal further gains for the dollar, while a rejection could trigger a pullback. Traders are paying close attention to Japanese government intervention speculation, which has surfaced following comments from policymakers hinting at possible steps to address the yen’s weakness.

The Bank of Japan’s dovish stance and the Federal Reserve’s relatively hawkish tone continue to be the main drivers of this trend, with rising U.S. Treasury yields pushing the dollar higher. However, concerns about the yen’s depreciation have led to growing talk of intervention, especially as the pair nears levels seen before the last BOJ move in late 2022.

For now, the market remains cautious, with traders awaiting further clarity from both central banks. The next key technical levels to watch lie at 151.50, where strong resistance is expected, and 150.50, which serves as immediate support.