Following the successful break above 145.00, USDJPY is steadily approaching the 150.00 zone, arguably the next crucial psychological level higher. Some strong resistance could exist there, especially intervention risk, as discussed above.

It’s interesting to note here how the 9-day exponential moving average (DEMA) has accurately defined each leg of the uptrend. Since moving above the 9-DEMA in August, USDJPY has only dipped below it once, and that was on September 22 during the intervention. So, it seems as long as USDJPY stays above the 9-DEMA, the short-term trend is up and intact.

To the downside, 145.00 is now the nearest support zone. Further lower, 140.00 also remains an important support in case the market gets that far.