Technical Analysis: USD/JPY seems vulnerable below 151.00, short-term trading range breakdown comes into play
From a technical perspective, a convincing break and acceptance below the 151.00 mark could be seen as a breakdown through a short-term trading range. That said, oscillators on the daily chart – though have been losing traction – are still holding in positive territory. Hence, any subsequent slide is more likely to find decent support near the 150.25 region. This is closely followed by the 150.00 psychological mark, which if broken decisively will be seen as a fresh trigger for bearish traders and drag the USD/JPY pair towards the 149.35-149.30 region en route to the 149.00 mark.
On the flip side, the 151.30-151.35 zone now seems to act as an immediate hurdle ahead of the 151.70 area and the multi-decade high, near the 152.00 mark. The latter represents a possible intervention level and should act as a strong near-term barrier. A sustained strength beyond, however, might trigger a fresh bout of a short-covering move and lift the USD/JPY pair towards the 153.00 round figure
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