From a technical perspective, any subsequent move up is likely to confront stiff resistance near the 150.65-150.70 region. This is closely followed by a multi-month peak, around the 150.90 zone touched on February 13, which if cleared decisively will be seen as a fresh trigger for bullish traders. 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 hurdle en route to the 152.00 neighbourhood, or a multi-decade peak set in October 2022 and retested in November 2023.
On the flip side, the 150.00 psychological mark now seems to protect the immediate downside, below which spot prices could slide back towards the overnight swing low, around the 149.20 area. Some follow-through selling, leading to a subsequent break below the 149.00 mark, might shift the bias in favour of bearish traders and make the USD/JPY pair vulnerable.
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