USDJPY extended lower in early trading, testing the prior day’s low at 143.99 before finding buyers and rebounding. The pair is now back above a key support zone dating back to September 2024, between 144.45 and 144.56. Holding above this area keeps the door open for a recovery move higher.

On the upside, the first target comes in at the March 11 low near 146.53. A break – and staying above – shifts focus to the next resistance zone between 147.20 and 147.34. Beyond that, the high from earlier this week — near 148.20 — stands as the next key level to watch.

As long as USDJPY holds above 144.45, buyers may look to build on the bounce and challenge these upside targets. A move back below would shift the focus once again toward the yearly low at 143.99. Give below that level and there’s not a lot of support until 141.69 to 141.94.