USDJPY Analysis – April 29, 2023

USDJPY’s upside movement from the March 24 low of 129.63 has extended to as high as 137.55 and is now facing the resistance level at 137.90.

As long as the price remains above the rising trend line on the daily chart, there is potential for the upside move to continue. In the event of a breakout above the resistance level at 137.90, the next target could be around the 140.00 area.

However, if the price breaks below the rising trend line support, it could suggest a potential reversal of the current uptrend. In this case, the price could fall back to test the support level at 129.63.

In terms of near-term support and resistance levels, the rising trend line serves as an important support level for USDJPY. On the upside, resistance is at 137.90.