Sept 11 (Reuters) - USD/JPY's latest recovery attempts will likely by limited by key technical resistance, which should keep the overall bias on the downside.

The USD/JPY continues to trade below the 154.66 Fibonacci level, a 23.6% retrace of the 160.39 to 152.89 (September) EBS fall. The 14-day momentum reading remains negative since last week, reinforcing the underlying bearish market structure.

Japanese Finance Minister Satsuki Katayama said on Friday that the government will continue to closely communicate with the United States to ensure orderly foreign exchange markets. The risk of further coordinated yen intervention continues to exert downward pressure on USD/JPY.

USD/JPY is at risk of breaking below the recent 152.89 low, which would unmask the major 151.94 level, a 50% retrace of the 139.89 to 163.99 (April to July) rise.

However if there is a break and sustained trading above the 154.66 Fibo, that would signal a shift in the overall bias back to the upside.
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(USD/JPY Martin Miller is a Reuters market analyst. The views expressed are his own)