USDJPY Daily Analysis – July 3, 2023

USDJPY has demonstrated resilience as it remains within a rising price channel on the 4-hour chart, affirming its ongoing uptrend from the low of 138.42. Traders who have been following the price action will likely continue to monitor the channel support as a crucial level for the pair’s future trajectory.

With the price residing within the rising channel, the prevailing expectation is for the upside move to persist. The next target for USDJPY is anticipated to be at 146.40, followed by 149.00. These levels serve as significant milestones for traders to assess potential resistance areas and potential take-profit targets.

However, it is important to consider the possibility of a downside move as well. A breakdown below the channel support could potentially lead to a retracement in price. In such a scenario, the price would likely retest the 142.67 support level. A decisive break below this level would suggest that the recent high of 145.06 marks the completion of the upside move. Subsequently, the pair may target lower support levels at 141.21 and 139.84.

To summarize, USDJPY continues to exhibit strength within a rising price channel on the 4-hour chart, indicating its ongoing uptrend from 138.42. Traders will focus on the channel support for clues regarding the pair’s future direction. The next targets on the upside are at 146.40 and 149.00. Conversely, a breakdown below the channel support would lead to a potential retracement towards 142.67, with further support levels at 141.21 and 139.84. Traders should stay informed and consider relevant market dynamics to navigate potential trading opportunities in USDJPY.