USD/JPY holds 160.51 as aligned trend eyes 160.718 supply

USD/JPY is grinding at the top of its weekly range, having cleared three successive resistance levels and now eyeing the only visible supply on the chart at 160.718.

The pair has added over 0.33% in the past week, punching through 159.10782, 159.4775, and 159.788 in succession before consolidating within Tuesday's tight 160.49 to 160.5635 range. No news catalyst disturbed the prevailing trend, leaving pure momentum in charge.

From a trend-following perspective, the setup is as clean as it gets. Price holds comfortably above EMA20 at 160.30185 and EMA50 at 160.02025, with the short-term averages stacked cleanly above long-term support at EMA200 at 158.72764. Trend is aligned up across the 1H, 4H, and daily timeframes without exception. RSI sits in bullish territory without being stretched, leaving room for continuation before momentum becomes a constraint. Volatility is calm, reducing the risk of a disruptive stop sweep ahead of the resistance test at 160.718. The prior bullish bias has been reaffirmed at every pullback, and the tape argues for more of the same.

We lean long and buy dips into the 160.302–160.507 entry zone where EMA20 and recent session lows converge. A daily close below EMA50 at 160.02025 invalidates the structure and forces a full reassessment of the bullish case.