USD/JPY Holds Near 162.00 as Bulls Prepare Breakout Ahead of CPI

As of July 13, USD/JPY consolidates around 162.00 above the 160.50 support zone while markets await the US CPI report. The pair reached a 40-year high of 162.84 on July 1 before plunging on suspected intervention to near 160.50 on July 2. It quickly recovered above the 161.95 breakout level and has since traded in a tight range inside its long-term ascending channel from the 2025 low at 139.87. Technical indicators including EMAs and RSI maintain a bullish bias, with next targets eyed at 162.83 and 163.40.