Ella 
The USD/JPY cross continued to trade sideways for the second day in a row during Tuesday’s Asian trading session, and remains range bound around the 149.00 level.
Uncertainty over the Federal Reserve’s next policy move has put the dollar bulls on the defensive. This, coupled with continued speculation that Japanese authorities will intervene in the currency markets to support the currency, is bearish for the USD/JPY pair. However, the downside remains limited as the Bank of Japan is taking a more dovish stance, which should continue to support the Japanese Yen (JPY).
Therefore, it would be wise to wait for a clear break below the aforementioned trendline support in USD/JPY before going bearish. A break below the 149.00 level and a subsequent sell-off could push the USD/JPY to the 200-period moving average support at 148.15. Close behind is the 148.00 round level, below which USD/JPY could extend its bearish channel and retest the October 3rd swing lows around 147.30-147.25.
On the other hand, the 149.80-149.85 area could act as immediate resistance ahead of the 150.00 psychological barrier or potential intervention level. Sustained strength in the USD/JPY will serve as a new trigger for bullish traders and pave the way for further gains towards the 151.00 round figure. This momentum could be extended and eventually push USD/JPY closer to the 152.00 level, a level that represents the multi-decade high reached in October 2022.
