The USD/JPY pair maintains a bullish bias, staying above the psychological level of 145.00, reflecting intraday selling pressure on the Japanese yen amid U.S. dollar strength. Investors are concerned that trade tensions sparked by U.S. tariffs could complicate the Bank of Japan's plans to normalize monetary policy. An additional negative factor for the yen is weak domestic data: real wages in Japan have declined for the fifth consecutive month, with the steepest drop in nearly two years.

However, growing expectations of an interest rate hike by the Bank of Japan are tempering bearish sentiment on the yen, creating a significant divergence from expectations for the Federal Reserve, which may resume rate cuts in the near future. This limits the dollar's upward potential and supports the Japanese yen. In addition, geopolitical risks related to Israeli strikes on Yemeni ports, as well as uncertainty surrounding U.S. trade policy under Trump, are contributing to the yen's resilience as a safe-haven currency.

From a technical standpoint, the momentum above the 100-period Simple Moving Average (SMA) on the 4-hour chart—currently around 144.70—is a key bullish signal for USD/JPY. A sustained move above the psychological level of 145.00, and above the 145.25–145.30 zone, would open the path toward the next round number at 146.00, with some resistance around 145.70.

On the other hand, support is located at the Asian session low near 144.20, just above the 144.00 level. A convincing break below these levels could shift momentum back in favor of the bears and lead the pair to intermediate support at 143.45, with potential further decline toward 143.00 and the monthly low in the 142.65–142.70 level.