USD/JPY testing THIS key resistance ahead of US data

After rising in the last three sessions, the USD/JPY was up again today, testing a key resistance area between 151.00 to 151.35. This is a massive resistance zone, having previously provided support. With Japanese yields on rise again, I wouldn't be surprised if the UJ were to resume lower from here. If so, watch for a possible bounce at 150.00. If 150.00 then gives way decisively, we could see a new low below the double bottom low of 148.65ish. The key risk to this bearish forecast if the upcoming US economic data today and later this week, with ISM Manufacturing PMI up next.

By Fawad Razaqzada, market analyst with FOREX.com