Struggles at 151.00 drops below Tenkan-Sen, 150.00 eyed

• USD/JPY slightly retraces following Wednesday’s gains, as US Dollar weakness and a shift to safe-haven assets favor the Japanese Yen.
• Short-term bearish bias with a potential deeper pullback if the pair falls below the Tenkan-Sen at 150.92, with key support levels targeted at 150.32 and 150.00.
• A recovery above 150.91 could renew buying interest, targeting the 151.00 level and possibly retesting the year-to-date high at 151.91.

USD/JPY retraces some of Wednesday’s 0.60% gains on Thursday due to overall US Dollar (USD) weakness amid a risk-off impulse. Worse than expected, fundamental data from Japan’s triggered flows toward safe-haven assets, boosting appetite toward the Japanese Yen (JPY). At the time of writing, the major trades at 150.61, virtually unchanged in the early Asian Friday session.

According to the daily chart, the USD/JPY remains upward biased for the long term, but in the short term, the drop below the Tenkan-Sen at 150.92 could open the door for a deeper pullback, and test key support levels.

The first support would be the Kijun-Sen at 150.32, before diving to the 150.00 psychological figure. The correction would extend further, once traders clear the latter, with intermediate support seen at the November 3 low of 149.18, before sliding toward the Senkou Span B level at 148.91.

On the other hand, if USD/JPY buyers reclaim the Tenkan-Sen at 150.91, that would sponsor a leg-up above the 151.00 mark, opening the door to retesting the year-to-date (YTD) high at 151.91.

USD/JPY Price Analysis – Daily Chart

USD/JPY Technical Levels