USD/JPY is trading at 161.79 (+0.04%) as of June 29, 2026, during the European session, barely edging higher from its previous close of 161.73. The pair is operating near the upper end of its 52-week range of 152.45 – 161.80, with today's range so far being 161.67 – 161.86. This modest daily gain continues the prevailing uptrend, as USD/JPY remains above both its 20-day and 50-day simple moving averages at 160.68 and 159.39, respectively. The Relative Strength Index (RSI) stands at 79.2, indicating the pair is in overbought territory, suggesting a potential for a pullback or consolidation. The Average True Range (ATR) of 0.46 signifies moderate daily volatility.

Key technical levels to watch include the pivot at 161.73, with resistance at R1: 161.92 and support at S1: 161.61. The pair's proximity to R1 suggests that a break above this level could lead to further gains, while a drop below S1 may signal a more significant correction. Given the overbought RSI reading, the market may be underpricing the likelihood of a near-term pullback. However, as long as USD/JPY remains above its moving averages, the uptrend remains intact. A forward catalyst to confirm or invalidate this view would be the release of US economic data later today, which could significantly impact USD/JPY's direction.