USD/JPY spiraled lower on Wednesday, reflecting heightened bearish sentiment driven by fiscal year-end yen buy-backs and technical vulnerabilities. The pair's drop to 151.20 highlights growing pressure on the dollar, with the 152.71 Fibonacci retracement level serving as a critical support point. A daily close below this level would confirm a bearish trend reversal and open the door to a move toward the psychologically significant 150.00 mark.

From a technical standpoint, the pair's failure to hold above 152.71 would likely accelerate its decline, with interim support at 151.00 providing a potential pause before testing 150.00. Resistance levels are concentrated around 153.22, with further challenges at 154.00 and 155.00. Daily charts indicate waning bullish momentum, with RSI signaling potential oversold conditions should the decline persist.

Looking ahead, the yen's surprising resilience could reshape market dynamics in 2024. With Japanese monetary policy potentially tightening and safe-haven demand bolstered by global trade and geopolitical risks, the yen may defy bearish expectations. If these factors align, USD/JPY could sustain a broader downtrend, with 150 serving as a key battleground for bulls and bears.