According to CoinMeta, following a historic joint intervention by Japan and the United States, the market is watching whether the yen will further appreciate and break through the 155 level. Strategists believe that this price point will be a key test to determine whether the yen's rebound can be sustained. Japan's currency market interventions in April and May once pushed the US dollar against the yen down near 155, but the exchange rate then rose again, reinforcing the market view that official interventions can only buy time temporarily. Shusuke Yamada, the chief strategist for foreign exchange and interest rates at Bank of America Securities Japan, stated that if this time the level cannot be broken through, the market may assume that policymakers have exhausted their available tools. He pointed out that if the US dollar/yen rate continues to fall below 155, the market trading logic could change, shifting from "buying on dips" to "selling on highs." Chidu Narayanan, a strategist at Wells Fargo, said that a fall below 155 would increase the risk of bearish pressure on the yen, potentially leading to large volumes of yen buying. As leveraged accounts reduce their exposure and position imbalances are eliminated, the US dollar/yen exchange rate could see a deeper correction, possibly dropping to 152.