Will the US Dollar Stronghold Break Japan's Intervention Red Line, or Will the Carry Trade Collapse?

TL;DR· On June 23, the intraday US Dollar Index held above 101, with the USD/JPY nearing the key level of 161.96, a level not seen in almost 40 years.
· The Fed's dot plot and the futures market indicate increasing bets on a rate hike within the year, keeping the short-end Treasury yields supportive of the US Dollar.
· Japan's verbal warnings have strengthened intervention e