USD/JPY has formed a bearish Hanging Man candlestick pattern at multi-year highs near 151.000, indicating an increased likelihood of a short-term reversal and pullback.

Key Factors:

• Bearish Signal: The Hanging Man pattern, combined with testing the 2023 high, strengthens the bearish signal.
• BoJ Intervention Zone: Historical BoJ intervention activity near the 151.000 level adds to the potential for downside pressure.
• Potential Support: A pullback could target the 50-day SMA at 149.009.

Bullish Scenario:

• Break Above 152.000: A decisive break above 152.000 suggests continued bullish momentum, potentially targeting 153.000 but facing strong resistance.