Bullish momentum is currently observed on the USD/JPY chart, with the potential for price to rebound from the 1st support level and make its way towards the 1st resistance level. The 1st support level, situated at 130.8200, is a robust overlap support level with a 78.60% Fibonacci retracement level coinciding with it. Should price decline further, the subsequent support level can be found at 128.1000, which is a multi-swing low support level.

Conversely, the 1st resistance level at 132.8100 is a significant overlap resistance level that could potentially impede price's bullish momentum. If the resistance is broken, the 2nd resistance level at 134.5500, which is another important overlap resistance level, could be the next target.

Furthermore, the RSI indicator is displaying bullish divergence vs. price, which could signal an imminent rebound.