USDJPY – post-NFP rally runs out of steam on approach to key resistance zone

Strong post-NFP rally (USDJPY was up 1.6% in past two days) faced increased headwinds at strong resistance at 148.80 (Jan 19 peak) and ahead of next significant barriers at 149.00/15 (psychological / Fibo 76.4% retracement of 151.90/140.25 downtrend.

Bulls started to lose traction on overbought conditions and fading bullish momentum, though the action so far holding within a narrow range as traders look for more signals whether to start collecting profits or to enter fresh longs.

However, firm break of 149.00/15 pivots are needed to signal bullish continuation and expose psychological 150 barrier.

Immediate bullish bias is expected to remain in play while the price stays above key supports at 147.77/45 (10DMA / broken Fibo 61.8%) while break here would weaken near term structure for retest of key 146.00 support zone.

Res: 148.89; 149.15; 149.70; 150.00
Sup: 148.26; 147.77; 147.45; 146.65