Today's renewed breakout above the 50-day SMA, as well as the move beyond horizontal resistance at 147.50 and the round level of 148.00, favors the bulls.

Moreover, oscillators on the daily chart have just begun to gain positive momentum, confirming the potential for further growth. However, the advance encountered resistance at the round level of 148.00. A decisive break and consolidation above it would expose strong resistance near the 200-day simple moving average (SMA), currently located around 148.70. Sustained strength above this level would allow spot prices to return to the round level of 149.00 and test the monthly high around 149.20.

On the other hand, the 147.60–147.50 level near the 50-day SMA protects against immediate downside. A break below it would send USD/JPY toward the round level of 147.00. A convincing breach of this level would expose support at 146.20 or the 100-day SMA before spot prices continue their downward trajectory toward the September low, last seen in July.