USDJPY has showcased its resilience by staying above a rising trend line on the 4-hour chart, reaffirming its position in the uptrend from 137.23.
Market analysts and traders are closely monitoring this upward movement, with expectations of continued gains in the USDJPY pair. As long as the trend line support remains intact, the upside momentum is anticipated to persist. The next significant target is projected to be in the 142.50 area, followed by 145.06, representing the previous high.
Traders are now focused on the trend line support, which is acting as a critical level for assessing the pair’s continued upward potential. A decisive breakdown below the trend line support would indicate a potential shift in momentum and suggest that the upside move has completed. In such a scenario, USDJPY could aim for another downward move towards the previous low at 137.23.
However, the prevailing trend remains bullish, and traders are optimistic about the potential for further gains. The USDJPY pair faces upward momentum and market participants are closely monitoring price dynamics and support levels to gauge potential entry and exit points.