USDJPY got picked up by the bulls again from slightly below the 145.10 barrier, marked by the peak of June 30. Overall, the pair remains in an uptrend mode, well above all three of the plotted exponential moving averages (EMAs) and the uptrend line drawn from the low of March 24. This keeps the technical picture overly positive but getting closer to the 150.00 region could heighten fears of a potential intervention by the Japanese authorities.

The RSI and the MACD are both detecting positive momentum, adding credence to the upside bias. However, the latter is still lying below its trigger line, which means that another small setback before the next leg north cannot be ruled out.

If the bulls remain in the driver’s seat, they may decide to extend their march towards the 148.85 zone, marked by the peak of November 1. In the absence of any intervention near that level, or increasing concerns due to verbal warnings, a break higher could timidly pave the way for a test at the peak of October 21 at around 151.86.

On the downside, a slide below the 143.90 level could signal the beginning of a decent downside correction, but the move that could signal a trend reversal may be a decisive dip below the crossroads of the 141.50 barrier and the aforementioned uptrend line. Such a move could encourage the bears to dive all the way down to the 138.00 territory, which offered strong support during July.

To recap, USDJPY remains in a steep uptrend that seems strong enough to extend. However, the higher the bulls climb, the bigger the risk of intervention by Japanese authorities. For the outlook to turn bearish though, a break below 141.50 may be required.