USD/JPY 5-minute chart
It's all a psychological game now when it comes to USD/JPY. The pair is testing waters above the 160.00 mark again, with traders cautious about jumping the gun and incurring the wrath of Japanese officials.
From a technical perspective, it's clear skies for USD/JPY above 160.00 with the 1990 high merely seen at 160.40. Above that, it's pretty much picking what you feel like. The more obvious one would be the 165.00 mark but again, a key question in all of this is how quick does price action race from here to there.
The ball is now over to the Japan MOF and BOJ's court. Are they fine with relaxing the threshold and only stepping in again when traders get overeager? Or are they going to try and stamp their authority one way or another?