The USDJPY currency pair has been experiencing an uptrend from its low at 127.21, with the price action remaining above a significant rising trend line on the weekly chart. This suggests that the bullish momentum is still intact and the pair has the potential for further upside movement.
As long as the trend line support holds, traders can expect the upward trajectory to continue. The next target for the USDJPY pair would be at 142.00, followed by 145.00. These levels represent potential resistance points where price may encounter some selling pressure.
It is worth noting that the 137.90 level serves as a key support level for the pair. A breakdown below this level could signal a retracement towards the rising trend line. If the price action breaches the trend line support, it could trigger another downward move towards the 118.00 area.
In conclusion, USDJPY remains in an uptrend from 127.21, supported by a rising trend line on the weekly chart. Traders should anticipate further upside potential as long as the trend line support remains intact. The next targets for the pair are 142.00 and 145.00. However, a breakdown below the 137.90 support level could lead to a retracement towards the rising trend line and potentially lower levels around 118.00. It is essential to employ effective risk management strategies and stay informed about market developments to make well-informed trading decisions in the USDJPY market.