USDJPY Daily Analysis – August 3, 2023

USDJPY is currently in an uptrend, with its origin point at 138.05, and the recent pullback from 143.54 is seen as a consolidation phase within this uptrend.

As long as the support level at 141.94 holds, it is reasonable to expect the continuation of the upside move. The next potential target for the pair would be around the 145.00 area.

However, it is important to consider the possibility of a downside move as well. If the price breaks below the support level at 141.94, it would indicate that the upside move has completed. In this case, the pair may find support around the 140.50 level.

To summarize, the current analysis suggests that USDJPY is in an uptrend, with a focus on the support level at 141.94. Traders should monitor the price’s behavior around this level for potential signs of a continuation or reversal in the price movement.