• USDJPY fails to climb above 151.00

• But still holds above short-term uptrend line

• Technical oscillators suggest bearish retracement

USDJPY is retreating after the rally towards the fresh three-month high of 150.87. The market is currently testing the 150.00 psychological mark and if it remains above, it would be a sign of more bullish actions.

However, the technical oscillators are suggesting a bearish retracement. The RSI is falling after the pullback off the 70 level and the stochastic oscillator posted a bearish crossover within its %K and %D lines in the overbought territory.

Should prices decline, immediate support could be found around 149.70, an area which has provided both resistance and support from November to January. In case of a leg below that level, the pair could meet the 148.80 level, which is near the short-term uptrend line, before hitting the 145.90 barrier, which coincides with the 50-day simple moving average (SMA).

If the market manages to pick up speed, the three-month high of 150.87 could offer nearby resistance ahead of the 151.90 barricade, taken from the peak on November 13. A significant close above the latter would take the price towards the next round numbers such as 152.00 and 153.00, raising the chances for further advances.

All in all, in the short-term picture, USDJPY is creating a bullish tendency, holding above the uptrend line and the SMAs. That said, any losses below the 200-day SMA at 145.20 could change the outlook to negative.