USD/JPY Held Back by Technical Resistance

The USD/JPY currency pair is facing technical resistance that may limit its recovery attempts. The price continues to trade below the key 154.66 Fibonacci level, a 23.6% retrace of the September fall from 160.39 to 152.89.

Japanese Finance Minister Satsuki Katayama has stated that the government will maintain close communication with the United States to ensure orderly foreign exchange markets, which is adding downward pressure on USD/JPY.

The pair's 14-day momentum reading remains negative since last week, reinforcing its underlying bearish market structure. If there's a break above the 154.66 Fibonacci level, it would signal a shift in bias back to the upside, but for now, the overall trend remains on the downside.