From a technical perspective, any further downfall is likely to find decent support near the weekly low, around the 150.00 psychological mark. The said handle should act as a key pivotal point, which if broken decisively might prompt fresh selling and drag the USD/JPY pair below the 149.70-149.65 region, towards the 149.35-149.30 intermediate support en route to the 149.00 round figure. A convincing break below the latter might shift the near-term bias in favour of bearish traders and pave the way for some meaningful downside.
On the flip side, the 150.85-150.90 region, or a multi-month top, might continue to act as an immediate strong resistance, above which the USD/JPY pair could accelerate the positive move towards the 151.45 hurdle. The momentum could extend further and lift spot prices to the 152.00 neighbourhood, or a multi-decade peak set in October 2022 and retested in November 2023
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