The pair is down over 100 pips in trading today as Japan officials can breathe a sigh of relief for yet another day at least. For now, their intervention tactics have worked but it owes much to a retreat in the dollar as well as Treasury yields since Friday last week.
The low now is touching 145.27 as the pair looks towards the 145.00 mark and a break below that will perhaps deal a soft blow to the bulls, who were hoping to buy up the intervention move in the past week or so.
The BOJ tomorrow and the Fed next week are still the two key risk events to watch and they will be pivotal in determining the narrative for USD/JPY heading towards year-end.
From a technical perspective, if 145.00 fails to hold, that will potentially open up a move back towards 140.00 and the 100-day moving average (red line) at 139.51.