USDJPY Weekly Analysis – July 29, 2023

The USDJPY pair is currently trading in a rising price channel on the weekly chart. This suggests that the long-term uptrend from 127.21 is still intact.

The next target is at 151.94, the previous high. A break above this level would open the door for a move towards 160.00.

On the downside, key support is at 137.23. A break below this level could trigger another fall towards 127.21, the previous low.