ETO Markets外汇：美元兑日元徘徊148关口，市场关注日本央行政策动向

Core Viewpoint - The USD/JPY exchange rate has recently experienced significant volatility, with a notable rebound after initially breaking below the critical support level of 146.20, highlighting the ongoing tug-of-war between bulls and bears in the market [1]. Market Analysis - The current focus is on the key resistance area between 147.40 and 148.00, which has previously served as a pivotal point for multiple highs, particularly the round number of 148, acting as a potential dividing line for market sentiment [1]. - A breakthrough above this resistance could lead to targets near the 200-day moving average and the monthly high around 149, although current momentum indicators like MACD and RSI suggest that upward momentum may need to build further before a sustained rally occurs [1]. Support Levels - The support zone between 146.00 and 146.20 has proven to be reliable following a previous false breakout, but a drop below 146 could lead to further declines towards 145.50 or even 145.00 [3]. Economic Context - Recent economic data from Japan has been disappointing, with July's core machinery orders declining by 4.6% month-on-month, raising concerns about the economic outlook [3]. - Despite the Federal Reserve's recent interest rate cuts, its hawkish stance has provided some support for the USD, while market attention is increasingly on the Bank of Japan's potential policy actions amid rising inflation and a tightening labor market [3].