After a strong rally over the last couple of sessions, USD/JPY reversed to the downside on Tuesday following an unsuccessful attempt at breaking through resistance at 148.90, with the bearish move reinforced by falling U.S. bond yields. If losses accelerate, support is seen at 147.40, followed by 146.00.
On the flip side, if the bulls regain control, which seems a highly likely scenario given the improved outlook for thein light of the Fed's reluctance to cut rates prematurely, the first technical ceiling to watch appears at 148.90 and 150.00 thereafter. On further strength, the focus will be on 152.00.Want to know what lies ahead for the Japanese yen? Find all the insights in our Q1 trading forecast.
In the event of a bullish turnaround, trendline resistance at 160.00 will be the first barrier against an upward climb. While overcoming this technical barrier could prove difficult, a decisive breakout could open the door to a rally towards 161.00. Looking higher, all eyes will be on 161.60 and 164.00 thereafter./JPY has lost some ground, but has managed to establish a base in the vicinity of 185.50.
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