The USD/JPY retreats after failing to surpass the 148.00 resistance and extends its losses below the 147.00 mark, snapping three days of gains. At the time of writing, the major trades at 146.58, diving 0.48%. USD/JPY Price Forecast: Technical outlookOn Thursday I wrote, “the USD/JPY is bearishly biased despite registering a recovery that saw the pair rally from under 144.00 to the current exchange rate after dovish comments by a Bank of Japan Deputy Governor.”Once risk appetite returned, the USD/JPY resumed its downtrend. Buyers failed to clear the weekly high of 147.89, which exacerbated the pair’s fall beneath 147.00.Momentum is bearish, although the Relative Strength Index (RSI) hovers near oversold condition.If USD/JPY drops below the 146.00 mark, sellers will undoubtedly challenge the August 8 low of 145.44, followed by the August 7 bottom at 144.28. Once those levels are surpassed, the next support would be the August 6 daily low at 143.61, followed by the latest cycle low of 141.69.On the other hand, If the pair climbs past 147.00, the next resistance will be the weekly top at 147.89 before challenging 148.00. Up next would be the Tenkan-Sen at 148.45. USD/JPY Price Action – Daily Chart 
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