From a technical perspective, as bulls have overcome the barrier of the 100-day Simple Moving Average (SMA) around the 146.80 level, they remain in control. Buying beyond the psychological level of 147.00 confirms the positive outlook, pushing spot prices higher toward the 148.00 round level. If the price breaks through this level, reaching the May high near 148.65 should be an easy task for the USD/JPY pair.

On the other hand, any corrective pullback below the 147.00 level is likely to attract new buyers, finding solid support near the 146.80 level — the 100-day SMA. This level should help limit the pair's decline toward 146.30 and 146.00. Only if the price reaches and falls below the psychological level of 145.00 will bears regain control from the bulls.

As long as oscillators on the daily chart remain firmly in positive territory, it will be difficult for bears to gain the upper hand.