U.S. Dollar Moves Higher As Traders React To Housing Market Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

USD/JPY tests key resistance at 159.50 – 160.00 as traders focus on the fundamental weakeness of the Japanese currency. However, traders remain cautious as BoJ may intervene to provide additional support to the yen.

If USD/JPY climbs above the 160.00 level, it will head towards the next resistance level at 161.50 – 162.00. A move above 162.00 will open the way to the test of the 164.00 level.

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