The analysis focuses on USDJPY and DXY. The analyst notes a breakout in USDJPY from 148.7 after two months of consolidation. Key to sustaining this bullish momentum is holding above 148.7. The speaker also points out imbalances on DXY suggesting the potential for continuation downward to around 97.268. The primary target for USDJPY is around 151.44, based on an unfinished auction. The analyst suggests the price could see a wick below 148.7 before buyers fully step in, but stresses the importance of holding above this level. A move below 148.7 would negate the bullish outlook. The overall trend is bullish for USDJPY given the breakout. However, it depends on the DXY. DXY has a bearish trend to around 97.268.