USD/JPY getting hammeredUS Dollar vs Japanese YenFPMARKETS:USDJPYFPMarketsThe JPY recently caught a solid bid on warnings of potential intervention, sending USD/JPY (US dollar versus the Japanese yen) lower by nearly 2.5% as of writing. Comments hitting the wires included those from Japanese Finance Minister Satsuki Katayama, who said that decisive action was near. Despite a fleeting move north of resistance at ¥160.23 – a move refreshing YTD highs – the USD/JPY is now on the doorstep of an interesting area of technical support between ¥154.54 and ¥155.51. This is made up of 38.2% and 61.8% Fibonacci retracement ratios, as well as two trendline supports, extended from lows of ¥139.89 and ¥145.48, and a horizontal support. While this is a technically sound support zone, a break south of here could unearth a bearish scenario to February lows of ¥152.27. Written by FP Markets Chief Market Analyst Aaron Hill