From a technical perspective, Friday's failure ahead of the 150.80-150.90 pivotal resistance and the lack of any meaningful buying warrants some caution for bullish traders. The subsequent pullback, however, showed some resilience below the 150.00 mark. Moreover, oscillators on the daily chart are holding in the positive territory and support prospects for some meaningful upside for the USD/JPY pair. That said, it will still be prudent to wait for a sustained strength beyond the aforementioned barrier before placing fresh bullish bets. Spot prices might then climb to the 151.45 intermediate resistance 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, any meaningful downfall is likely to find decent support and attract fresh buyers near last week's swing low, around the 149.20 area. Some follow-through selling, leading to a break below the 149.00 mark, might shift the bias in favour of bearish traders and make the USD/JPY pair vulnerable. Spot prices might then decline to the 148.30 support en route to the 148.00 round figure and the 100-day Simple Moving Average (SMA), currently pegged near the 147.80 region
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