USD/JPY briefly clears 148.00 before reversing, with RSI suggesting seller dominance.
A drop below 146.27 could trigger further losses, targeting 145.44 and 144.28.
If USD/JPY reclaims 147.79, resistance levels are at 148.00 and potentially 149.77, with the 200-DMA at 151.46 as a longer-term target.
The Japanese Yen fails to gain traction late in the North American session versus the Greenback as the USD/JPY rises from last Friday's daily low of 146.62 and trades at 147.28, up by 0.47%.
USD/JPY Price Forecast: Technical outlook
The USD/JPY is downward biased despite the uptick that saw the pair clear the 148.00 figure and hit a six-day high at 148.22 before reversing its course and tumbling below the Tenkan-Sen at 147.79.
The Relative Strength Index (RSI) remains bearish, hinting that momentum favors sellers.
The USD/JPY could extend its losses if the pair slumps past the August 9 low of 146.27. Once cleared, the next demand zone would be the August 8 low of 145.44, followed by the August 7 bottom at 144.28. Up next would be the last cycle low at 141.69.
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