USD/JPY bears carving out a bias front side of bearish trend

• USD/JPY bears are taking control again, front side of the bearish hourly trendline. 
• BoJ guidance eyed this week as markets turn risk-off. 

USDJPY has been rising off the Tuesday sell-off lows near 133.40 and is currently trading at around 133.70 having ranged so far between 133.62 and 133.91 where it is meeting a potentially solid resistance barrier. 

The safe-haven US Dollar finally kicked into the pair, sending an otherwise firm yen back onto the backfoot as investors turned risk-averse due to worries about the banking sector again. The US Dollar index, DXY, touch off the made highs at 101.949 on Tuesday after earnings from First Republic Bank and UBS. Plunging deposits at First Republic Bank have reignited worries over the health of the banking sector and UBS reporting a 52% slide in quarterly income as it prepares to swallow fallen rival Credit Suisse.

Meanwhile, the US data was a disappointment in the April Consumer Confidence that dropped  2.7pts to 101.3, its lowest reading since November. Current conditions strengthened, rising to 151.1 vs 148.9. ´´The weakness was concentrated in expectations, which fell to 68.1 vs 74.0,´´ analysts at ANZ Bank explained. 

The weak consumer confidence report and a decline in Federal Reserve manufacturing data further added to the Dollar's safe-haven appeal.

In other themes, the Yen picked up a bid, behaving like a typical safe haven, even as the Bank of Japan's (BOJ) new governor Kazuo Ueda signaled he was not in a hurry to shift policy. Ueda will lead his first BoJ meeting that concludes this Friday.

USD/JPY technical analysis

As per the earlier analysis, USD/JPY Price Analysis: Bears in the market, eye the 133.20s, whereby the 1-hour chart, showed that the M-formation´s neckline aligned with the 133.70s and resistance, we have seen this play out as follows:

USD/JPY H1 chart, prior analysis

USD/JPY live update

It was also stated that ´´a subsequent move to the 133.20s could be on the cards if the bears stay committed over the coming sessions.´´

For now, the price is being resisted and falling away while being front side of the micro bearish trendline.