USD/JPY weekly chartThe pair is flat on the day now at 151.42 because it continues to hold close to multi-year highs since final week. The 2022 and 2023 highs of 151.90-94 is the important thing resistance area in play for the time being for USD/JPY. Maintain under and sellers can look to construct off that ceiling to push value again decrease. However break above and the sky is the restrict for the pair as there may be little technical resistance left till above 160.As such, the one factor that may rein in any USD/JPY breakout from right here is intervention by Tokyo. And the warnings are rising louder in the previous few days. Earlier in the present day, Japan’s high forex diplomat Kanda was reasonably vocal concerning the scenario. He mentioned that the yen’s weak point didn’t replicate fundamentals and warned towards the latest “huge slide”.Kanda famous that the newest yen strikes have been “speculative”, including that “I really feel one thing unusual about it”.That is a suggestion that Tokyo might look to get extra concerned if the one-sided transfer continues. And it comes regardless of the BOJ placing an finish to unfavorable charges and scrapping its yield curve management coverage final week.Trying on the scenario, I reckon Tokyo will not look to intervene as long as the technical ceiling above holds. A break greater will tilt the stability of dangers for the yen, which might result in a a lot sharper decline within the forex subsequent. As such, the potential strains for USD/JPY intervention look to be nearer in the direction of 154 to 155 in my opinion.For now, the bond market will stay a key spot to concentrate to. 10-year Treasury yields are at 4.225% and as long as they keep underpinned, chances are high USD/JPY will observe as properly.