Still, downside momentum is capped as traders await Fed Chair Jerome Powell’s speech at Jackson Hole on Friday (16:00 GMT+2). A dovish tone could revive USD/JPY upside, while hawkish caution may reinforce yen strength.

Support and Resistance Levels

The pair is correcting within a long-term uptrend channel. A breakdown below 146.88 would expose 145.00 (23.6% Fibonacci retracement) and 143.75 (Murray [4/8]). Conversely, a move above the mid-Bollinger band at 148.44 (Murray [7/8]) could pave the way toward 150.00 (Murray [8/8]) and 151.56 (Murray [+1/8], 61.8% Fibonacci retracement).

Resistance: 148.44, 150.00, 151.56

Support: 146.88, 145.00, 143.75

Trading Scenarios

Base Case: Short positions below 146.88 with targets at 145.00 and 143.75, stop-loss at 147.90. Timeframe: 5–7 days.

Alternative Case: Long positions above 148.44 with targets at 150.00 and 151.56, stop-loss at 147.20.

Scenario

  • Timeframe: Weekly
  • Recommendation: SELL STOP
  • Entry Point: 146.85
  • Take Profit: 145.00, 143.75
  • Stop Loss: 147.90
  • Key Levels: 143.75, 145.00, 146.88, 148.44, 150.00, 151.56

Alternative Scenario

  • Recommendation: BUY STOP
  • Entry Point: 148.45
  • Take Profit: 150.00, 151.56
  • Stop Loss: 147.20
  • Key Levels: 143.75, 145.00, 146.88, 148.44, 150.00, 151.56