USDJPY Analysis – May 3, 2023

USDJPY appears to be consolidating after pulling back from its recent high of 137.77, indicating that the uptrend from 129.63 is taking a breather. The pair is expected to trade in a range between 135.70 and 137.80 for the next few days.

If the support at 135.70 holds, the pair could resume its upside movement, with the next target being at the 139.00 area. On the other hand, a break below the 135.70 support level could bring the price back towards the rising trend line on the 4-hour chart.

Overall, the outlook for USDJPY remains bullish as long as the pair holds above the rising trend line. Traders should closely monitor the support and resistance levels for potential trading opportunities.