From a technical perspective, yesterday's strong rebound in USD/JPY from the 146.20 level stalled at the round figure of 148.00. Sustained gains above this level could lead to a move toward 148.50. Modest renewed buying would shift the short-term bias in favor of the bulls, paving the way toward the round figure of 149.00.
On the other hand, the 147.10–147.00 level is providing immediate support, below which USD/JPY could retest the multi-week low reached on Thursday near 146.20. Further selling below the round figure of 146.00 could be viewed as a new trigger for bears, making spot prices vulnerable to an extended move toward the psychological level of 145.00, with an intermediate stop near 145.30.
It is worth noting that oscillators on the daily chart are mixed, while the Relative Strength Index remains in negative territory.
