This week's market – Tuesday, August 18, 2026

Uncertainty over the situation in the Middle East continues to favor dollar buying, and USD/JPY briefly rose toward the 160 level. This week's focus will be the FOMC minutes, which should offer clues on how likely a further rate hike is at the next FOMC meeting. If USD/JPY breaks above the 160 line — the level where Japan-US coordinated intervention has been contested — intervention concerns are likely to intensify again. That said, dips are still being bought, and as long as the 158.60 support line holds, I think the strategy remains to buy the dips, with a take-profit target around 159.80.

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