The USD/JPY pair is losing support at the technically important 200-day simple moving average (SMA). However, oscillators on the daily chart still remain in positive territory, which continues to favor the bulls.

That said, any further upward movement will face resistance near this same 200-day SMA, currently aligned with the 148.40 level. Beyond this, the next key obstacle is the psychological 148.00 level. A sustained break above it would confirm a positive outlook, allowing spot prices to attempt another move toward the psychological 150.00 level, with intermediate resistance at the 149.00 round level and at 149.45.

On the other hand, a move below the round level would negate any short-term positive sentiment, leaving USD/JPY vulnerable to an accelerated decline toward 147.50, to the psychological 147.00 level. A decisive break below this mark would shift the short-term outlook in favor of the bears.