USD/JPY: Hits Highest Level Since July 2024

USD/JPY climbed to its highest level since July 2024, placing it back inside the 161-162 intervention zone where Japan spent over $35 billion defending the yen in two days.

That prior defense triggered the yen carry trade unwind, producing the Nikkei’s 12% single-session drop, sharp S&P 500 and Nasdaq selloffs, VIX spike near 65, and brutal liquidations across Bitcoin and the entire crypto market.

BTC currently prints $62888.08 on the 4h chart inside a bearish trend structure with price below both the EMA50 at $64620.82 and EMA200 at $69056.02; the MACD death cross at -393.87 confirms downside momentum while RSI at 36.88 shows neutral conditions and price hugging the lower Bollinger Band support at $62712.24, suggesting any fresh yen intervention could accelerate the next leg lower toward that support before any relief bounce.