USD/JPY extends decline as yen correction gains momentum
USD/JPY has fallen sharply by 0.8% (120 pips) to 149.50 as the Japanese yen continues its corrective rally against the US dollar. The move represents an extension of last week's reversal from the 151.70 resistance level, with traders unwinding long dollar positions amid growing expectations of Bank of Japan policy normalization. Technical indicators suggest the pair has broken below the key 150.00 psychological support, opening the path toward the 148.80 level (50-day moving average). The yen's strength is being supported by repatriation flows and reduced carry trade positions as year-end approaches. Immediate resistance now sits at 150.30, while a sustained break below 149.00 could accelerate the decline toward 147.50. Traders should monitor upcoming BOJ Governor speeches and US Treasury yield movements for directional cues.
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