From a technical perspective, a break below the 50% Fibonacci retracement level of the March-April rally might have already set the stage for deeper losses. The outlook is reinforced by the fact that oscillators on the daily chart have just started gaining negative traction. This, in turn, suggests a subsequent fall toward testing the 152.00 confluence, comprising the 50-day Simple Moving Average (SMA) and the 61.8% Fibo. level, looks like a distinct possibility. The said handle also marks a previous strong resistance breakpoint, but it has now turned support. Hence, a convincing break below will be seen as a fresh trigger for bearish trades and pave the way for an extension of the recent sharp pullback from the all-time peak touched in April.
On the flip side, any recovery back above the 153.00 mark now seems to confront some resistance near the 153.50 area ahead of the Asian session peak, around the 153.75 region. This is followed by the 154.00 round figure, which if cleared decisively, might trigger a short-covering rally. The subsequent move-up should allow the USD/JPY pair to reclaim the 155.00 psychological mark, with some intermediate resistance near the 154.45-154.50 zone
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