Japanese Yen bulls remain on the sidelines amid BoJ rate-hike uncertainty
Technical Outlook: USD/JPY bullish bias remains, move beyond the 150.00 mark remains on the cards
From a technical perspective, any further decline is likely to find decent support near the 148.60-148.55 region. Some follow-through selling, however, could make the USD/JPY pair vulnerable to weaken further below the 148.00 round figure and test last week's swing low, around the 147.35 area. The latter is followed by the 147.00 mark, which if broken decisively will suggest that the recent move-up witnessed over the past month or so has run its course and pave the way for deeper losses.
On the flip side, the 150.00 psychological mark seems to act as an immediate strong barrier, above which the USD/JPY pair could accelerate the positive move towards the August monthly swing high, around the 150.85-150.90 region. Some follow-through buying beyond the 151.00 mark will be seen as a fresh trigger for bullish traders and lift spot prices to the 152.00 neighborhood en route to the 152.65-152.70 region.
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