USDJPY Weekly Analysis – August 5, 2023

USDJPY is within a rising price channel on the weekly chart, and it remains in a long-term uptrend from 127.21. The recent pullback from 145.06 can be seen as a consolidation phase within this uptrend.

As long as the support of the channel holds, there is an expectation for the upside move to continue. A break above the resistance at 145.06 could potentially trigger another rise towards the previous high at 151.94.

On the downside, a key support level to watch is at 137.23. A break below this level could potentially bring the price back towards the previous low at 127.21.

Traders should carefully monitor the price’s behavior around the channel support and resistance levels for potential breakout or reversal signals.

To summarize, the analysis suggests that USDJPY is in a long-term uptrend within the rising price channel. The continuation of the upside move is expected as long as the channel support holds. However, a breakdown below the key support level could indicate a potential reversal. Traders should carefully observe the price action and key levels to assess their trading decisions.