The Japanese Yen (JPY) trimmed some of its losses against the US Dollar (USD) on Thursday, although it remains below a two-week high.

• Possible BOJ Intervention: Speculation of another Japanese intervention to support the Yen provided a temporary boost.
• Risk-On Sentiment Limits JPY Gains: The overall positive market sentiment dampened the safe-haven appeal of the Yen.
• US NFP on Friday in Focus: Investors are now looking towards key US economic data releases, particularly the Nonfarm Payrolls report on Friday.

Technical Analysis: USD/JPY Faces Resistance

• The USD/JPY attempted a rebound on the 4-hour chart but might struggle to break above the 50% Fibonacci retracement level around 156.55.
• Mixed technical indicators suggest some caution for further upside.
• A break below 155.70 could lead to further downside for USD/JPY.

Overall, the future direction of the USD/JPY pair hinges on the confirmation of BOJ intervention, risk sentiment, and the outcome of the US NFP data.