USD/JPY holds 161.54 as daily uptrend resists intraday drift

USD/JPY is grinding just above its session low, keeping the daily uptrend technically alive despite short-term momentum stalling at the offer.

The pair pulled back 0.15% on the day, trading within a 161.54 to 161.85 range after fading resistance at 161.89. No fresh macro catalyst drove the move; this reads as a low-volume consolidation rather than a directional shift. Weekly price action still shows a net gain, consistent with the broader trend that has cleared multiple prior levels including 160.11 and 161.17.

The structural read leans constructive from a trend-following perspective. Price sits above EMA50 at 161.29 and EMA200 at 159.88, keeping the longer-term stack ordered. The daily trend continues to point higher, though intraday signals are mixed and trend alignment across shorter timeframes is neutral. RSI sits neutral and volatility is calm, pointing to compression rather than distribution. The key distinction here is between a trend pausing and a trend reversing. The tape argues for the former while price holds above EMA50.

We look for buyers to reassert into the 161.29–161.55 zone, targeting a test of resistance at 161.89. A daily close below EMA50 at 161.29 invalidates this call and forces a reassessment of the bullish lean.