USDJPY is consolidating after a three-day pullback from new multi-month high (151.72) resulted in another failure to register weekly close above psychological 150 barrier (basically the pair last time closed the week above 150 level in September 1990).
This points to the strength of 150 resistance and also to strong headwinds that larger bears face here, mainly due to persisting fears that firm break higher would spark intervention by Japanese authorities.
Technical picture on daily chart is weakening as the latest pullback broke and closed below daily Tenkan-sen / Kijun-sen (requires another close below Kijun-sen to verify signal) and 14-momentum broke into negative territory.
This warns of further weakness, although fresh bears need to clear another pivotal supports at 148.80 (Oct 30 higher low) and 148.42 (rising 55DMA) to confirm top and spark fresh acceleration lower and test of next strong support at 147.88 (top of rising and thick daily Ichimoku cloud).
Near-term bias is expected to remain with bears while the price action stays under daily Tenkan-sen (150.26).
On the other hand, bounce and close above this barrier would sideline immediate bears, but rather for extended sideways mode than for significant gains, as the dollar remains weighed by the recent economic data and Fed’s stance, along with looming intervention.
Res: 150.00; 150.26; 150.93; 151.11.
Sup: 149.19; 148.80; 148.30; 147.88.
 resulted in another failure to register weekly close above psychological 150 barrier (basically the pair last time closed the week above 150 level in September 1990).){kind=link}