• USD/JPY trades with 0.18% gains, consolidating above 154.00 amid bearish momentum.
• Technical outlook shows bearish bias with first support at 154.00 and next at 153.00.
• Resistance seen at 154.74; a climb above could trigger a rally to 155.00 and beyond.

The USD/JPY consolidates at around last week's lows yet trades with minuscule gains of 0.18% amid lower US Treasury yields and a risk-on impulse. The Greenback strengthens due to month-end flows, while the major clings above the 154.00 figure ahead of crucial

USD/JPY Price Analysis: Technical outlook

The USD/JPY pair shifted downward bias once the major breached the Ichimoku Cloud (Kumo) yet remains shy of cracking the latest cycle low of 151.86, the May 3 low.

It is worth noting that momentum is bearish, as depicted by the Relatives Strength Index (RSI), buried near oversold territory.

 Given the backdrop, the path of least resistance is downwards. The USD/JPY first support would be 154.00. Once surpassed, the next stop would be the 153.00 mark, followed by the July 25 low at 151.93, ahead of 151.86. Once those levels are cleared, the next demand zone would be an upslope support trendline drawn from the beginning of 2023 that passes at around 149.00-150.00.