In December, we wrote that from a technical point of view, the nearest significant resistance, if the pair continues to grow, can be met by the market closer to the value of 160 yen per dollar. When approaching this mark, the market lost momentum and consolidation phase appeared. Now, on the background of a combination of two factors: signals about the weakening of the U.S. dollar and expectations of a rate increase by the Bank of Japan, the pair USD/JPY is trying to expand the current range, overcoming its lower boundary. In case of a decline, a meaningful resistance may emerge closer to the 150-151 range. However, Bank of Japan Governor Kazuo Ueda noted that tightening monetary policy requires confirmation of wage growth in the country and clarity on the US trade policy. Changes in the rhetoric of officials may affect the yen exchange rate, at least short-term. This should be taken into account when planning trades.