• USD/JPY bounces from 14-week low of 151.93, now at 153.73.
• Technical outlook shows potential for rally towards 156.00 if resistance is cleared.
• Momentum favors sellers, with RSI near oversold; key support at 153.00 for bearish continuation.

The USD/JPY dropped 0.14% on Friday as the pair recovered some ground after hitting a 14-week low of 151.93. However, it bounced off that level and cleared key resistance levels. At the time of writing, the major trades at 153.73.

USD/JPY Price Analysis: Technical outlook

The pair printed a ‘dragonfly doji’ on Thursday, though Friday’s price action failed to make a bullish candle, which could open the door for a rally at least toward the bottom of the Ichimoku Cloud (Kumo) at 156.00.

Momentum suggests that sellers are in charge, as the Relative Strength Index (RSI) is bearish and almost flatlined around oversold conditions.