USD/JPY edged lower from new multi-month high in early Thursday’s trading, as bulls approached psychological 150 barrier and started to face headwinds.
Overbough daily studies and possibility that Japanese officials may intervene around 150 level, make traders more cautious, pushing the price lower.
The action so far looks like positioning for final attack at 150 barrier, break of which would expose next key level at 151.94 (2022 peak, the highest in over three decades).
Corrective dips should find ground above daily Tenkan-sen (148.51) to keep larger bulls intact) for fresh push higher.
Caution on deeper drop and violation of daily Kijun-sen (147.07) which would put bulls on hold and risk stronger correction.
Res: 150.00; 151.04; 151.94; 152.89.
Sup: 149.20; 148.51; 147.80; 147.07.