From a technical perspective, the overnight swing low, around the 150.00 mark, might continue to act as immediate support ahead of the 149.70-149.65 region. A convincing break below the latter could drag the USD/JPY pair to the 149.35-149.30 area en route to the 149.00 mark and the 148.80-148.70 strong horizontal resistance breakpoint. Some follow-through selling will negate any near-term positive bias and pave the way for a further depreciating move.
On the flip side, bulls need to wait for a sustained strength beyond the multi-month top, around the 150.85-150.90 zone, before placing fresh bets. Given that oscillators on the daily chart are holding comfortably in the positive territory, the USD/JPY pair might then climb to the 151.45 intermediate hurdle before eventually climbing towards the 152.00 neighbourhood, or a multi-decade peak set in October 2022 and tested in November 2023.
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