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The USD/JPY is trading above 146.00 for the first time since 1998

The USD/JPY is consolidating its recent surge to new 24-year highs near 146.40. Investors are trading with caution now that the pair has broken through the key 145.90 level, which was previously a trigger point for Japanese intervention. The US dollar extends its uptrend ahead of the Fed minutes.

The USD/JPY pair struggles to capitalise on its modest intraday uptick on Tuesday, retreating a few pips from a 24-year high reached in September. The pair is trading near the lower end of its daily range, just above the mid-145.00s, and remains vulnerable to US dollar price dynamics heading into the North American session.