FX.co ★ USDJPY H4 | Bouncing off 1st support

The USD/JPY chart currently exhibits a bullish momentum with a potential for price to make a bullish bounce off the 1st support level and rise towards the 1st resistance level.

The 1st support level at 148.41 is identified as an overlap support. Further below, the 2nd support at 147.49 is also noted as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.60% retracement and the 61.80% retracement levels.

To the upside, the 1st resistance level at 149.53 is identified as a pullback resistance. Higher up, the 2nd resistance level at 150.16 is noted as a swing-high resistance.