USD/JPY May Test 165 Level If U.S. Jobs Report Beats Expectations, Strategist Says

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According to Carol Kong, an FX strategist at Australia and New Zealand Banking Group, USD/JPY is likely to test the 165 level if Thursday's U.S. non-farm payrolls report beats expectations (July 1). Kong noted that while the currency pair remains near multi-decade highs, new yen intervention appears unlikely in the near term, citing milder recent warnings from Japanese officials compared to rhetoric before April's intervention. The jobs data could be a key catalyst for further dollar strength, potentially challenging Japan's Ministry of Finance to defend the exchange rate.
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