USD/JPY Price Analysis: Soars past 140.00 despite weakening US Dollar, eyes 141.00 resistance

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• USD/JPY leaps past the 140.00 mark, despite US economic data suggesting a potential Fed rate hike.
• Japanese Finance Minister Shunichi Suzuki encourages market-determined currency rates, stating that he’s closely monitoring exchange-rate movements.
• USD/JPY, poised to challenge 142.00 once it clears 141.00, finds support at 139.89/140.00, with a deeper fallback to 137.26.

USD/JPY rallied sharply past the 140.00 figure on Friday late in the New York session, after traveling towards its daily low of 139.49, before making a U-turn. Solid economic data from the United States (US) bolstered the odds for another rate hike by the Federal Reserve (Fed), as shown by the market reaction. US Treasury bond yields rose before reversing their course, while the US Dollar weakened. At the time of writing, the USD/JPY is trading at 140.60.