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fxJul 22, 2026, 4:57 AM

USD/JPY Hits 1986 High, Targets 164.50-165; EUR/USD May Dip to 1.1350

USD/JPY broke above 162.85, reaching its highest since 1986, with a potential target of 164.50-165. Meanwhile, EUR/USD could dip towards 1.1350, and EUR/JPY may test 187/188 if the USD/JPY rally sustains. Markets are cautious about possible BOJ intervention.

EURUSDUSDJPYEURJPY

USD/JPY has broken above the 162.85 level, trading at its highest since 1986. If the rally continues, the pair could target 164.50-165.

EUR/USD could dip towards 1.1350, while EUR/JPY may rally towards 187/188 if USD/JPY sustains its upward momentum and breaks above 186.

Market participants remain cautious about potential intervention from the Bank of Japan (BOJ) to slow the pace of yen depreciation.

Source: FXStreet Forex News