USD/JPY Price Analysis: Dribbles on the way to 143.85-70 support region

• USD/JPY remains volatile but bears keep the reins.
• BOJ failed to impress traders but Kuroda could favor sellers.
• Sustained trading below 21-DMA, two-month-old resistance line favor bears amid downbeat oscillators.
• Convergence of 50-DMA, 38.2% Fibonacci retracement restricts short-term downside.

USD/JPY revisits the day-start levels while bouncing off the intraday low to 146.25 heading into Friday’s European session. It’s worth noting that the yen pair portrays a 100-pip move on the Bank of Japan’s (BOJ) inaction but sustained trading below the short-term key supports, now resistances, keep sellers hopeful ahead of BOJ Governor Kuroda’s speech.

Also read: USD/JPY whipsaws above 146.00 on BOJ’s status quo, focus on Kuroda’s speech, US PCE Inflation

That said, the 21-DMA and 23.6% Fibonacci retracement level of August-October upside, near 146.90, guards the immediate upside of the pair. Following that, an upward-sloping support-turned-resistance line from early August, around 147.35, will be crucial for the pair buyers to watch for further upside.

In a case where the USD/JPY prices remain firmer past 147.35, the 149.20 and the 150.00 round figure may entertain the bulls before directing them to the recently flashed multi-year high near 152.00.

Alternatively, 50-DMA and 38.2% Fibonacci retracement together highlights 143.85-70 zone as the short-term key support.

Following that, the 50% and 61.8% Fibonacci retracement level surrounding 141.20 and 138.60, will be in focus.

It should be observed that the 140.00 threshold may act as an extra downside filter for the USD/JPY traders to track during the pair’s fall past 141.20.

USD/JPY: Daily chart

Trend: Further downside expected