• USD/JPY is in a short-term uptrend but it appears to be losing momentum.
• The pair could still go higher but downside risks have increased. 

USD/JPY continues making higher highs and higher lows as it extends its short-term uptrend towards the underside of the major trendline in the 151.00s. 

Bullish momentum has eased off, however, suggesting bulls could be running out of steam, and although the uptrend is intact there exists an increased risk of a pull back developing.

USD/JPY 4-hour Chart 

A break above 149.98 (October 14 high) would confirm a further extension to the next target at 151.09 (200-day Simple Moving Average (SMA) (not shown)). A break above that would indicate a move up to the major trendline in the 151.80s. 

Momentum, as measured by the Relative Strength Index (RSI) momentum indicator has dropped off considerably at the last peak – a further sign of underlying weakness.  

If a correction evolves, support lies at 148.27 (October 10 low) or 147.23 (September 2 high).