The USD/JPY pair has broken below the rising trend line on the 4-hour chart, indicating a potential further decline towards the support level at 133.49. A break below this level would confirm that the upside movement from the March low of 129.63 has completed at 137.77 already, with the next target being 132.00, followed by 129.63.
Near term resistance is seen at 135.46, with a break above this level needed to trigger another rise towards 138.00. However, given the current technical setup, the bearish outlook appears to be more likely.
Overall, the USD/JPY pair is likely to face further downside pressure in the near term, with the potential for a test of the support level at 133.49. A break below this level would confirm the completion of the upside movement from the March low and open the door for further declines towards 132.00 and 129.63.