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USD/JPY slips 0.4% and holds near 153.00 support

The pair is down more than 4% since Sept. 2, after testing 152.89, while a daily close above 154.42 is needed to challenge 155.00.

Reported · Written up by our desk · Major Pairs

The USD/JPY fell for a second straight day, dropping 0.4% and finding support near 153.00, with the pair set to end the session around 153.75, according to FXStreet.

Since Sept. 2, USD/JPY has declined more than 4%, about 650 pips, and it briefly touched a nearly seven-month low of 152.89 before rebounding to the 153.70 area that FXStreet links to a hammer-style formation.

FXStreet said a bullish follow-through would require a daily close above the high of the day of 154.42, which would open the way for a move toward 155.00 and the 200-day simple moving average at 158.45, with 160.00 noted as another upside level.

The outlet added that the relative strength index is oversold, so further downside is possible, but if sellers push through 153.00, USD/JPY could retest the yearly low of 152.10 reached Jan. 27.

Latest closeUSD/JPY 153.54 ▼0.2%

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