USD/JPY Price Forecast: Climbs and clears 158.00 as traders eye 160.00

• USD/JPY ascends to 158.34, supported by hawkish hints in Fed's December minutes and positive US employment figures.
• Technical indicators suggest potential resistance at 159.00, with a pivotal target of 160.00 in sight, under watch for possible Japanese intervention.
• Downside risks remain, with immediate support at the Tenkan-Sen line of 157.28, followed by December's low at 156.02.

The USD/JPY edged higher late in the North American session after the Federal Reserve revealed its December meeting minutes. This, along with US jobs data and risk aversion, keeps the Greenback underpinned throughout the day. The pair trades at 158.34, up 0.19%.

USD/JPY Price Forecast: Technical outlook

The USD/JPY has risen above December's high before the US Nonfarm Payrolls report, opening the door to challenge the 160.00 figure. Due to being close to the latter, Japanese authorities would likely begin their intervention jawboning to halt the Greenback's advance.

That said, the USD/JPY first key resistance would be 159.00. Once cleared, the next stop would be 160.00 ahead of testing last year's peak at 161.95.

Conversely, if sellers moved in and kept the USD/JPY from rising above 159.00, the first support would be the Tenkan-Sen at 157.28. A breach of the latter will expose the December 31 swing low of 156.02.

USD/JPY Price Chart - Daily