From a technical perspective, spot prices remain within the weekly trading range. However, it is too early to confirm a full bearish consolidation, as oscillators on the daily chart remain in positive territory. Confident buying above the 147.60–147.80 level could lead to further strengthening above the key 148.00 level, pushing USD/JPY towards 148.50. The momentum could then extend towards the next key level at 149.00.
On the other hand, the 146.77 level, which aligns with the 200-period simple moving average (SMA) on the 4-hour chart, continues to protect prices from an immediate decline. A decisive break below this level would pave the way for heavier losses, driving USD/JPY below the key 146.00 level. Further selling would expose the psychological 145.00 level.
