From a technical perspective, the near-term bias still seems tilted in favour of bullish traders, though it will be prudent to wait for some follow-through buying beyond the multi-month peak, around the 150.85-150.90 region, before positioning for further gains. Given that oscillators on the daily chart are holding comfortably in the positive territory and are still away from being in the overbought zone, the USD/JPY pair might then climb to the 151.45 hurdle. The momentum could extend towards the 152.00 neighbourhood, or a multi-decade peak set in October 2022 and retested in November 2023.
On the flip side, any meaningful pullback is likely to find decent support near the 150.00 psychological mark. This is followed by last week's swing low, around the 149.70-149.65 region, which if broken could drag the USD/JPY pair further towards the 149.35-149.30 horizontal support. The downward trajectory could extend further towards the 149.00 mark en route to the 148.80-148.70 strong horizontal resistance breakpoint. The latter should act as a key pivotal point, which if broken decisively will negate the near-term positive outlook and pave the way for a further depreciating move.
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