USD/JPY hourly chart
The pair has now fallen from 149.65 to 149.30 in the last half-hour or so as the push away from the 150.00 mark continues to take hold. The attempt to keep above the figure mark at the end of last week may be the last real effort from buyers to try and make a breakthrough, before now turning the attention towards the BOJ tomorrow.
Are we starting to see some real signs of exhaustion? If so, the pair could very quickly retrace back towards the 100-day moving average at 145.33 and perhaps the 145.00 mark before traders reconsider.
The Japanese central bank policy decision tomorrow will be key. And it looks like until then, buyers won’t be able to gather much conviction to retest 150.00 in the meantime.