Just noticed the dollar-yen pair pulling back pretty hard lately. USD/JPY dropped to around 158.25 earlier in the Asian session before bouncing back to 158.70 or so. Down about 0.15% on the day, which isn't huge but the direction caught my eye.

Looks like there's some real intervention talk heating up again. Japan's Finance Minister mentioned discussing forex with the US Treasury Secretary, and that spooked the market a bit. The yen got a bid from that, plus there's been some optimism around Iran diplomacy and people are backing off the Fed's hawkish stance. All of that's weighing on the dollar. Also, geopolitical jitters in the Middle East are keeping a cap on how much the yen can rally.

Technically, the pair is sitting right around the 200-period EMA on the 4-hour chart - that's acting as support for now. MACD just went negative and the RSI is around 41, so momentum is definitely softening. If we break below that moving average support, could see a real move lower. But as long as we hold above it, the bias stays slightly bullish. Honestly I'm waiting to see if this breaks decisively one way or the other before getting too committed on a new position. The yen forecast really hinges on whether that technical level holds or gives way.