USDJPY Daily Analysis – August 21, 2023

USDJPY appears to be staying within a rising price channel on the 4-hour chart, suggesting a potential uptrend from 138.05.

As long as the channel support holds, the pullback from 146.55 could be seen as a consolidation phase within the overall uptrend. In this scenario, there is still a possibility for another rise towards the 148.00 level after the consolidation is complete.

On the downside, if there is a breakdown below the lower boundary of the channel, it would indicate a potential completion of the upside move at 146.55. In such a case, the pair may find support around the 141.50 level.

Traders should monitor the price action and the behavior around the channel support for potential breakout or reversal signals.

To summarize, the analysis suggests that USDJPY is within a rising price channel and could see further upside potential after a period of consolidation. However, a breakdown below the channel support would signal a potential reversal. Traders should observe the price action closely and adjust their strategies accordingly.