The USDJPY currency pair has experienced a notable upward move, extending from 137.23 to reach as high as 141.94. This surge in value has captured the attention of traders and analysts, who anticipate the potential for further gains in the near future. As the pair continues to climb, the next target is set at the 142.50 area, followed by the previous high at 145.06.
Looking ahead, traders and analysts anticipate the potential for further upside movement in USDJPY. The next target of 142.50 represents a significant psychological and technical level, which could attract additional buying interest. If the pair manages to break through this level, it would signal a continuation of the bullish trend and pave the way for a move towards the previous high at 145.06.
However, it is important to acknowledge that currency markets are subject to fluctuations and corrections. Immediate support for USDJPY is located at the rising trend line on the 4-hour chart. This trend line has been serving as a reliable support level during the recent upside move. Only a break below the trend line support would indicate a potential shift in the upward momentum and could bring the price back towards the previous low at 137.23.