Ella 
In Asia on Tuesday, USD/JPY attracted some buyers after hitting a one-week low near 148.15, and climbed to a new daily high for the latest time. However, USD/JPY remains within a week-long range, currently trading around 148.60-148.65, up less than 0.10% for the day.
The market maintains generally positive risk appetite, which suppresses the safe-haven currency Japanese yen (JPY), becoming a key factor supporting the USD/JPY currency pair. However, the intraday rise in USD/JPY lacked bullish conviction due to lackluster demand for the US dollar (USD). Reduced bets on further interest rate hikes by the Federal Reserve have led to further declines in U.S. bond yields, which in turn has put U.S. dollar bulls on the defensive and acted as a headwind for USD/JPY.
Technically, the 4-hour chart shows that USD/JPY currently appears to be finding support below the 100-period simple moving average (SMA). Additionally, the oscillators are in negative territory on the hourly chart, but the daily chart has yet to confirm the bearish bias. Therefore, any dip in USD/JPY is more likely to find proper support near the 148.00 mark and continue above the 200 EMA (currently around the 147.70-147.65 area) on the 4-hour chart.
The area around the 147.70-147.65 area should constitute a key pivot level, and if USD/JPY falls below this level, it is likely to accelerate the decline towards the 147.30 area, the lowest level since September 14 hit last Tuesday. Then there is the round figure of 147.00, if USD/JPY falls below that level it would suggest that USD/JPY has peaked in the short term and open room for some significant downside.
On the other hand, any subsequent rise in USD/JPY will encounter strong resistance near the 149.00 mark, followed by 149.30-149.35 before the supply zone. If USD/JPY continues to strengthen, USD/JPY could return to the psychological 150.00 mark, a potential intervention level. Some follow-through buying would confirm a fresh breakout and push USD/JPY closer to the 151.00 round figure and then to the multi-decade high of October 2022 around 152.00.
