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USD/JPY: On Track for Biggest Daily Gain in Months after Bulls Regained Control

USDJPY bounced strongly on Tuesday and returned above 150 barrier, fully retracing pullback of past two days.

Corrective dip was short-lived and left a bear-trap under 149.03 (50% retracement of 147.29/150.77 upleg), signaling that larger bulls remained unharmed for further gains, as threats of possible intervention faded.

Technical picture on daily chart remains bullish, with repeated daily close above 150 barrier, to confirm fresh signal, along with today’s large bullish daily candle (the pair is on track for the biggest daily gain since July 28).

Renewed bulls cracked former high at 150.77 (Oct 26) and eye a multi-decade peak at 151.94 (Oct 2022).

Dip-buying above 150 (psychological/10DMA) is favored, with 20DMA (149.55) marking the first lower pivot and guard a breakpoint at 149.00 zone.

Res: 150.77; 151.23; 151.56; 151.94.
Sup: 150.40; 150.00; 149.44; 149.03.

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