• USD/JPY falls to a six-day low, breaking through key support levels amidst heightened risk aversion.
• Technical indicators suggest potential further declines, with next targets set at Kijun-sen and 200-day SMA at 151.88.
• Immediate resistance for USD/JPY is located at the 154.00 level, with significant upper resistance at the recent peak of 156.75.

The Japanese Yen registered solid gains versus the US Dollar in early trading on Tuesday, exchanging hands at 153.83 at the time of writing. Risk aversion sponsored by the escalation of the Ukraine-Russia conflict keeps traders seeking the safety of haven currencies, like the Yen and the Swiss Franc.

USD/JPY Price Forecast: Technical outlook

The USD/JPY cleared support at the November 7 high at 154.71, opening the door for further losses. The pair achieved a lower low, falling to a six-day bottom of 153.28, which could pave the way to testing the 200-day Simple Moving Average (SMA) at 151.88.

On its way to the 200-day SMA, the USD/JPY must clear the Kijun-sen at 152.80, followed by the 152.00 mark. If cleared up, next would be the 200-day SMA, followed by the 100-day SMA at 151.94.