Feb 6 (Reuters) - FX traders should beware that USD/JPY has taken a turn for the worse - the expectation is for a deeper slump to probe 150 in coming sessions if a key technical level is fully overcome.

The yen climbed to an eight-week top versus the dollar on Thursday, after a Bank of Japan policy board member advocated continued interest rate hikes. The BOJ's Naoki Tamura said the central bank must raise rates to at least 1% or so in the latter half of fiscal 2025, with upward risks to prices rising.

USD/JPY has broken the 152.56 Fibonacci level, a 61.8% retrace of the 148.65 to 158.88 (December to January) EBS rise, but bears need to register a daily close below. That would expose the 151.06 Fibo, a 76.4% retrace of the same 148.65-158.88 rise.

While 14-day momentum is negative, that highlights the underlying downside risk. However, if USD/JPY fails to register a daily close below the 152.56 Fibo, that would hurt bears and possibly shift the trajectory of this currency pair back to the upside.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)