• USD/JPY dips below 150.00 after peaking at 150.86, forming an 'evening star' pattern.
• RSI suggests bullish momentum waning, with potential support and intervention points identified.
• Reclaiming 150.00 could challenge higher levels, with 151.00 and 151.91 as key targets.

The USD/JPY retreats after hitting a yearly high of 150.86 and tumbles below the 150.00 figure, courtesy of Japanese authorities' verbal intervention in the FX markets. At the time of writing, the pair is forming an ‘evening star’ and trades at 149.95, down 0.42%.

The USD/JPY seems to have peaked at around 150.00, which could open the door for speculations of intervention. The Relative Strength Index (RSI) depicts the pair as bullish, but a downward slope indicates that buyers are losing momentum. If sellers push prices below the Tenkan-Sen level at 149.25, the first line of defense for bulls would be 149.00. A breach of the latter will expose the Senkou Span A at 148.43 before diving to 148.00.

 On the flip side, if buyers regain the 150.00 mark, that could pave the way for challenging the 151.00 mark, followed by last year’s high at 151.91.

USD/JPY Price Action – Daily Chart