USD/JPY has embarked on a rebound after forming a trough at 146.50 recently, Société Générale's FX analysts note. 

Below 148.30, the phase of decline can resume

"It is inching towards the descending trend line drawn since January. Recent pivot high of 151.30/152.00, which is also the 200-DMA is a potential hurdle. Cross above this will be crucial to confirm a larger up move. If the pair fails to defend the low achieved earlier this week at 148.30, the phase of decline could resume."