Dollar-yen climbs through 100-day MA as Powell comments support rally

The USDJPY pair pushed further upward on Wednesday, clearing its 100-day moving average at 159.994 and the key psychological level at 160.00. Buying pressure has kept the pair elevated, with the session high touching 160.15 so far.

Hawkish remarks from Federal Reserve Chair Jerome Powell and a notable jump in US Treasury yields have supported the move. The two-year note yield climbed nearly 11 basis points to 4.34%, while the 10-year yield added 5.2 basis points to reach 4.724%. The stronger dollar has been helped along by the rising yields.

From a technical perspective, the rally also broke through two additional significant resistance marks:

• The 50% Fibonacci retracement of the drop from the multi-year peak of 163.98, which sits at 159.599
• The August corrective high recorded from the 2026 low at 159.23

With those levels—along with the 100-day moving average and the 160.00 round number—now behind it, the bullish camp remains firmly in charge.

The next upside hurdles are as follows:

• 160.446: the July 3 trough
• 160.634: the 61.8% retracement of the slide from 163.98
• 160.864: the corrective peak that followed the initial intervention-driven decline

That creates a dense barrier spanning roughly 160.446 to 160.864. A clear push above that zone would reinforce the bullish outlook and could pave the way toward the 2026 high at 163.98.

In the near term, the 100-day moving average at 159.994 and the 160.00 level serve as the key gauge. Holding above them keeps buyers in command; slipping back below would start to erode the breakout's technical strength.