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The USD\/JPY<\/a> dropped for the third straight day and accumulated losses of more than 3.40% in the week after a suspected intervention by the Bank of Japan (BoJ) on Monday. Since then, the pair formed a two-candlestick chart pattern, a \u2018bearish harami\u2019 which reassembles an inside day, confirmed by Wednesday\u2019s price action. That said, on Friday, the pair fell 0.49% and traded at 152.93.<\/p>\n Despite retreating sharply during the week, the USD\/JPY is still upward biased, as shown by the daily chart<\/a>. The pair registered a daily low at the confluence of October 21, 2022, low and the 50-day moving average at around 151.87\/92, but buyers lifted the pair toward current exchange rates.<\/p>\n If buyers push prices above 153.00 and achieve a daily close above the latter, that could pave the way for further gains. The first resistance would be the Senkou Span B at 153.35, followed by the 154.00 figure. Further gains are seen once those levels are surpassed, with the next resistance seen at the confluence of the Senkou Span A and the Kijun-Sen at 155.78.<\/p>\n On the other hand, the first support would be the 152.00 mark, followed by the previously mentioned confluence of the 50-DMA and October\u2019s 2022 high at 151.92\/87. A breach of that level would cause the pair to dive toward April\u2019s 5 low at 150.81.<\/p>\nUSD\/JPY Price Analysis: Technical outlook<\/h2>\n
USD\/JPY Price Action \u2013 Daily Chart<\/h2>\n