Technical Analysis: USD/JPY bulls retain control, could aim to challenge the multi-decade high near the 152.00 mark
From a technical perspective, some follow-through buying, leading to a move beyond the YTD peak and the 152.00 mark, 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 prolong its well-established uptrend witnessed since January 2023 and climb further towards the 153.00 round figure.
Meanwhile, any corrective decline might now be seen as a buying opportunity and remain limited near the 151.00 mark. A convincing break below, however, might expose the next relevant support near the 150.25 region. This is closely followed by the 150.00 psychological mark, which if broken decisively could make the USD/JPY pair vulnerable to accelerate the corrective decline further towards the 149.35-149.30 region en route to the 149.00 mark
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