The Japanese Yen (JPY) rally against the US Dollar (USD) appears to be losing momentum.

• Yen Gains Fueled by Intervention Rumors: The JPY strengthened significantly in recent days on speculation of Japanese intervention to weaken the USD/JPY pair.
• US Dollar Index Weakens: The broader weakness of the US Dollar due to factors like the recent Nonfarm Payrolls data also contributed to the decline in USD/JPY.
• USD/JPY Finds Support at 152.00: The recent decline in USD/JPY has attracted US Dollar buyers, potentially limiting further downside.

Technical Analysis: Potential Rebound for USD/JPY?

• The USD/JPY pair found support near the 152.00 level, which coincides with the 55-day SMA and a long-term ascending trend line.
• This confluence of support zones suggests a potential buying opportunity for USD bulls who believe the pair could return to 160.00.