Technical Analysis: USD/JPY remains close to multi-decade high set in November 2022; bullish potential intact
From a technical perspective, the overnight strong intraday rise stalled near the 151.75 zone, just ahead of the YTD peak set on Wednesday. This is followed by the multi-decade high, around the 152.00 mark touched in October 2022, which if cleared decisively will be seen as a fresh trigger for bullish traders. The USD/JPY pair might then build on its longer-term uptrend witnessed since January 2023.
On the flip side, any meaningful corrective decline now seems to find decent support near the 151.00 mark, below which spot prices could slide back to the 150.25 region. Some follow-through selling, leading to a subsequent break through the 150.00 psychological mark, might expose the next relevant support near the 149.35-149.30 region. The USD/JPY pair could eventually drop to the 149.00 round-figure mark
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