- USD/JPY continues its ascending move
- Technical oscillators still ticking up
USD/JPY is creating higher highs, unlocking a fresh 38-year high of 161.92 earlier in the day. The rebound off 154.50 is still in progress, while the technical oscillators are still heading north.
The RSI is developing above its uptrend line in the overbought territory, the MACD is rising above its trigger and zero lines, and the stochastic posted a bullish crossover within its %K and %D lines above the 80 level. 
More upside pressures may take the market towards the immediate 162.00 round number before challenging the next psychological mark of 163.00. Also, the peak of 164.50, taken from the highs in November 1986, may act as a turning point for traders.
In the negative scenario, a downfall could drive the bears to the 160.20 support before hitting the 20-day simple moving average (SMA) at 158.75. Moving lower, the long-term ascending trend line and the 157.80 bar may pause downside movements.
In a nutshell, USD/JPY has been on an acceleration since the end of 2023, with no notable bearish actions.