Ella 
On Wednesday, USD/JPY gained some positive momentum for the second day in a row this week as it rebounded from ascending trendline support extending from the late July swing lows of 138.00. USD/JPY hit a new weekly high in Asia (near 147.45), still some way off the year’s highest set last Thursday.
USD/JPY is likely to move back towards the 147.85 area, its highest level since November 2022. A break above the 148.00 round-figure mark followed by follow-through buying will be seen as a new trigger for bullish traders and pave the way for further gains. By then, USD/JPY may accelerate towards the 148.70-148.80 mark, and then break through the 149.00 mark for the first time since October 2022. That said, speculation that Japanese authorities may intervene in FX markets to support the currency could prevent bulls from placing new bets and prevent further USD/JPY gains.
