USD/JPY outlook: Bulls eye key technical barriers at 151.25/30

USDJPY is establishing above 150 support as fresh gains extend into second consecutive day and fully reverse Tuesday’s 0.7% drop.

Bulls cracked 151.00 level on Thursday and pressure pivotal barriers at 151.25/30 (Fibo 38.2% of 150.87/146.53/March high).

Headwinds could be expected at this zone, which would pause recovery from 146.53 (March 11 low), although dips are likely to be limited and provide better levels for fresh longs.

Broken 150 level reverted to support which should hold extended dips and keep near term focus at the upside.

Violation of 151.25/30 and nearby 200DMA (151.66) to generate strong bullish signal for continuation of recovery leg from 146.53 towards 152.70 (50% retracement).

Res: 151.00; 151.25; 151.30; 151.66.

Sup: 150.25; 150.00; 149.50; 149.07.