USD/JPY is trading at 161.73 (+0.29%) as of June 22, 2026, during the European session, extending its gains to reach the upper end of its 52-week range of 152.45 – 161.74. The pair's current level is near its daily high of 161.75, indicating a strong intraday uptrend. The rate is above both its 20-day and 50-day simple moving averages, at 160.08 and 159.13 respectively, reinforcing the overall uptrend.

The Relative Strength Index (RSI) stands at 79.1, signaling that USD/JPY is in overbought territory, which may indicate a potential for a pullback. However, the Average True Range (ATR) of 0.47 suggests that daily volatility remains relatively contained. Key technical levels to watch include the pivot at 161.25, with resistance at R1: 161.49 and support at S1: 161.05. The pair has already surpassed the pivot and is testing the first resistance level.

Given the current technical picture, the market may be underpricing the potential for a near-term correction due to the overbought RSI reading. Nevertheless, as long as the rate remains above its moving averages, the uptrend is likely to persist. A break below the S1 support at 161.05 could be the first sign of a reversal, while sustained trading above R1: 161.49 may lead to further gains. The next catalyst will be the US economic data releases scheduled later in the week, which could either validate or invalidate the current uptrend.