USDJPY Daily Analysis – August 1, 2023

USDJPY has successfully broken above the resistance level at 141.94, indicating the resumption of the uptrend from 137.23.

With this breakout, it becomes plausible to anticipate further upward movement in the upcoming days. The next potential target for the pair would be in the 145.00 area.

However, it is important to acknowledge the existence of immediate support at 141.80. Should the price experience a breakdown below this level, it could potentially lead to a retracement towards the previous low at 137.23.

To summarize, the recent analysis suggests that USDJPY is now in an uptrend, with the possibility of an extended rise towards the 145.00 region. Traders should keep an eye on the immediate support level at 141.80 and monitor any potential breakdowns for possible changes in the price trajectory.