USD/JPY Price Analysis: Drops to a two-week low, at around 153.00

• USD/JPY falls over 0.70% amid suspected BoJ intervention boosting Yen; pair shows short-term bearish momentum
• Sellers target below 153.00, with supports at 152.00 and 50-DMA at 151.87.
• Recovery above 153.00 could challenge resistances at 154.00, 156.28, with upside towards 157.00 and 157.98.

The Japanese Yen (JPY) extended its gains versus the US Dollar (USD) amid a suspected intervention by the Bank of Japan (BoJ) that happened late on Wednesday during the North American session. Although traders paired some losses and pushed the USD/JPY toward the day's high at 156.28, renewed selling pressure in the major tumbled the pair to a two-week low. The USD/JPY trades at 153.19, down more than 0.70%.

USD/JPY Price Analysis: Technical outlook

The pair remains upward biased despite registering more than 3% weekly losses, as the USD/JPY price action stands above the Ichimoku Cloud (Kumo). In the short term, buyers seem to have lost momentum, as shown by the Relative Strength Index (RSI), which plunged below the 50 mid-line to the bearish territory. That could pave the way for further losses.

If sellers push the exchange rate below 153.00, further downside is seen as the pair could test the 152.00 psychological level. A breach of the latter will expose the 50-day moving average (DMA) to 151.87, followed by the next support level, which is seen at 150.81, the April 5 daily low.

Conversely, if buyers hold prices above 153.00, they could remain hopeful of higher prices but would face strong resistance areas. The first one would be the 154.00 figure, followed by the May 2 high at 156.28. Up next would be 157.00, followed by a May 1 high at 157.98.

USD/JPY Price Action - Daily Chart