• USDJPY needs more boost to change the medium-term view to bullish
• RSI ticks down, but MACD is still in upside phase

USDJPY has found significant resistance at the 150.00 psychological level during yesterday’s session, driving the price lower toward the 149.00 level.

Technically, the RSI indicator, which lies above the neutral threshold of 50, is pointing downwards; however, the MACD oscillator is extending its bullish momentum above its trigger and zero lines.

In case of more bullish pressure, the next battle would come from the 50.0% Fibonacci retracement level of the down leg 161.94-139.56 at 150.75 and the flat 200-day SMA at 151.30. More increases could switch the outlook to a more positive one, hitting the 151.90 resistance and the 61.8% Fibonacci of 153.40.

In the negative view, a tumble beneath the 38.2% Fibonacci of 148.10 would send traders to the 146.50–147.15 restrictive region before testing the bullish crossover within the 20- and 50-day SMAs at 145.17.

In a nutshell, USDJPY is experiencing a bullish rally but needs to overcome the 200-day SMA to confirm a positive structure in the medium-term picture. A decline below the 23.6% Fibonacci level of 144.80 could confirm a neutral phase.