USD/JPY is now down 0.4% to 155.60 levels today, with the currency pair looking heavy again as the new week gets underway.The sharp drop last week is still fresh on the minds of traders, even if there was a bit of dip-buying on Friday after the US jobs report. The non-farm payrolls data was hot and that led to a bid in the dollar on the initial reaction but that was quickly shot down. USD/JPY saw a whipsaw from a high of 156.75 to a low of 155.35 in about a half-hour before a volatile end to the week.As we get into the new week, we are seeing more of the same with the pair having initially tested waters above 156.00, with the high earlier today touching 156.27. All that before a sudden slump in the past hour or so, dropping to a low of 155.60.So, what's the read in USD/JPY at the moment?The downside momentum is still largely intact since the drop last week. The technical indications suggest a more bearish bias, with price action now holding well below both the 100-day (red line) and 200-day (blue line) moving averages. However, dip buyers are not throwing in the towel just yet.Key daily support from the end-April to early-May lows near 155.50 is still very much holding. Besides that, the key psychological support level is now seen closer to 155.00. And as things stand, that is where we can expect more bids to be layered around as well.Be it any real intervention or yen shorts/speculators bailing for just a bit last week, the line on the charts is clear.The key risk now is on any break below the 155.00 level. Hold the line and dip buyers will stay in with a shout to try and work towards a rebound. But break below, and sellers will then find fresh legs to keep this downside run going. The next key downside target will then be the January and February lows closer to 152.00-25.As for key risk events this week, there is none bigger than the US CPI report on Friday. That will be the ultimate test for markets ahead of the Fed decision next week.In the meantime, the focus for USD/JPY will rest on the battle around the 155.00 mark. This article was written by Justin Low at investinglive.com.