USD/JPY: Is the Yen Setting Up for Another Leg Lower?USD/JPYOANDA:USDJPYAlchemyMarketsUSD/JPY is consolidating after the sharp intervention-driven sell-off from around 164, forming what looks like a potential bear flag. At the same time, the macro backdrop is beginning to shift. BOJ rate-hike expectations are rising while softer US data is reducing expectations for further Fed tightening. If that policy divergence continues, the US–Japan rate differential could narrow further and support a stronger yen. The key question now is whether price confirms the macro story with a downside break from the current structure.