From a technical perspective, spot prices showed resilience below the 200-hour Simple Moving Average (SMA) on Monday. The subsequent move beyond the 38.2% Fibonacci retracement level of the overnight sharp pullback from a multi-decade top favored bullish traders. Moreover, oscillators on hourly charts have again started gaining positive traction and validate the constructive outlook for the USD/JPY pair. Hence, some follow-through strength beyond the 157.00 mark towards the 50% Fibo. level near the 157.40 region looks like a distinct possibility. The momentum could extend further towards the 158.00 round figure or the 61.8% Fibo. level, which should now act as a key pivotal point.
On the flip side, weakness back below the 156.75-156.70 area now seems to find some support near the 156.35 region ahead of the 156.00 mark. A convincing breakthrough the latter might expose the 200-hour SMA support, currently pegged near the 155.35 zone, before the USD/JPY pair weakens further below the 155.00 psychological mark and challenges the overnight swing low, around mid-154.00s
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