The USD/JPY pair held steady above the mid-160.00s during Asian trading on Thursday, consolidating a four-day rally that took it to its highest level since July 2024. The Japanese yen found some support as traders grew cautious over potential intervention by Japanese authorities, while a tentative Iran deal undermined the US dollar. The pair’s consolidation reflects a tug-of-war between yen bears and renewed demand for the safe-haven currency.