Technical Analysis: USD/JPY seems poised to climb further; bulls await for move beyond 152.00 or multi-decade high

From a technical perspective, the range-bound price action witnessed over the past two weeks or so might still be categorized as a bullish consolidation phase against the backdrop of the recent rally from the March swing low. Moreover, oscillators on the daily chart are holding comfortably in the positive territory and have also eased from overbought conditions, suggesting that the path of least resistance for the USD/JPY pair is to the upside. That said, it will still be prudent to wait for a move beyond a multi-decade high, around the 152.00 mark set last week, before positioning for any further gains.

On the flip side, the 151.00 round figure now seems to have emerged as an immediate strong support. Some follow-through selling below the 150.85-150.80 horizontal resistance breakpoint could expose the next relevant support near the 150.25 area. This is closely followed by the 150.00 psychological mark, which, if broken decisively, might turn 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.