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fxJul 6, 2026, 10:25 AM

USD/JPY bulls regain control after correction, eye multi-decade peak

USD/JPY surged in early Monday trading, nearly reversing last week's pullback from 162.84 to 160.47. The correction was contained by the 23.6% Fibonacci retracement of the 155.02–162.84 rally, indicating bulls remain in control.

USDJPY

USD/JPY saw a sharp rise in early Monday trading, poised to fully erase last week's pullback from 162.84 to 160.47. That decline was a healthy correction, contained by the 23.6% Fibonacci retracement level of the larger upleg from 155.02 to 162.84.

Bulls are now regaining control, with the pair eyeing a test of multi-decade highs. The limited nature of the correction suggests underlying strength in the uptrend.

Source: FXStreet Forex News