From a technical perspective, a move beyond the 61.8% Fibonacci retracement level of the February-March downfall might have already set the stage for additional gains. Given that oscillators on the daily chart have just started gaining positive traction, the USD/JPY pair seems poised to appreciate further towards the 149.75-149.80 horizontal resistance. Some follow-through buying, leading to a subsequent move beyond the 150.00 psychological mark, might trigger a short-covering rally towards the 150.65-150.70 region en route to the 151.00 neighbourhood, or the YTD peak touched on February 13.
On the flip side, the Asian session low, around the 149.00 mark, now seems to protect the immediate downside. Any further downfall is more likely to attract some dip-buying and remain limited near the 148.30 region. This is followed by the 148.00 round figure, below which the USD/JPY pair could accelerate the slide towards the 100-day Simple Moving Average (SMA), currently pegged near the 147.65 region. A convincing break below might shift the bias in favour of bearish traders and drag spot prices to the 147.00 mark en route to the monthly swing low, around the 146.50-146.45 region
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