The USDJPY currency pair has seen a significant extension of its upward movement, reaching as high as 145.21 from its starting point at 141.50. As long as the price remains above the rising trend line on the 4-hour chart, there is an expectation for the upward momentum to continue. The next target area for the pair lies around 146.50.
However, on the downside, a breakdown below the trend line support would indicate that the upward move has completed. In such a scenario, the pair would likely find support around the 143.00 level.
Traders closely monitor the price action of USDJPY, paying particular attention to the interaction of the price with the rising trend line. This trend line serves as a crucial level, defining the ongoing upward momentum and signaling potential shifts in the pair’s direction.
Market participants will be watching for any significant break above 145.21 or a breakdown below the trend line support as key indications of the future movement in the USDJPY currency pair.
