USD/JPY grinds toward 160.75 with trend stack fully aligned

USD/JPY is pressing into the top of its session range with every timeframe pointed the same direction and a week's worth of broken resistance levels confirming the momentum narrative.

The pair trades near 160.69 bid, posting a modest gain on the day inside a 160.509 to 160.7505 range. No single macro catalyst has defined the session; instead, the move reflects sustained, grind-higher positioning that has cleared 159.10, 159.24, 159.75 and 159.76 in sequence over the prior seven days, each level ceding without a meaningful fade.

For a trend-following desk, the setup is compelling. Price sits above EMA20 at 160.34 and EMA50 at 160.22, both of which are now acting as demand shelves on any intraday dip. EMA200 at 159.02 is well below current price, reinforcing the structural long posture. Trend is aligned up across 1H, 4H and daily timeframes, RSI sits neutral without being stretched, and volatility is calm — a regime that allows trends to extend without the whipsaw risk that elevated ATR would introduce. With no technical resistance overhead, the path of least resistance remains higher.

We lean long and look to buy pullbacks into the 160.34–160.50 zone. A daily close below support at 160.11 invalidates the call and signals the grind higher has stalled.