On the H4 chart USD/JPY has been carving a clear higher‑high, higher‑low structure since the early May swing, with the last series of candles pushing the 159.90‑160.00 zone and closing near the recent peak of 160.04. The bullish trajectory is supported by a series of expanding volume spikes, notably the 21,241‑contract bar that lifted the market from 159.48 to 159.76, and the 13,699‑contract candle that held above 159.75. Volume remains elevated on the upward moves, indicating genuine buying pressure, while pull‑backs have been shallow and accompanied by modest volume, suggesting a lack of strong sellers. The 159.45 level has acted…

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