USD/JPY struggles on softer US dollar

The USD/JPY pair retraces some of Wednesday’s gains due to US Dollar weakness and a shift to safe-haven assets favoring the Japanese Yen. A short-term bearish bias with a potential deeper pullback if the pair falls below 150.92, with key support levels targeted at 150.32 and 150.00.

A recovery above 150.91 could renew buying interest, targeting the 151.00 level and possibly retesting the year-to-date high at 151.91. The daily chart indicates that the USD/JPY remains upward biased for the long term, but a drop below 150.92 could open the door for a deeper pullback and test key support levels.

The first support would be at 150.32, before diving to the 150.00 psychological figure.