USDJPY Daily Analysis – August 22, 2023

The USDJPY currency pair is currently exhibiting a sideways movement within a defined trading range, with resistance at 146.55 and support at 144.92. It is important to note that on the 4-hour chart, there is an ascending price channel. As long as the price remains within this rising channel, the sideways movement can be perceived as consolidation within the overall uptrend that originated from 138.05. In such a scenario, there is still the potential for another upward move towards the 148.00 level after the consolidation is completed.

On the downside, if the price breaks below the lower boundary of the ascending channel, it would indicate that the upward move has already concluded at 146.55. In this case, the pair would likely find support at the 141.50 level.

To summarize, the USDJPY pair is currently moving sideways within a trading range between 144.92 and 146.55. The presence of a rising price channel on the 4-hour chart suggests that the sideways movement can be interpreted as consolidation for the uptrend from 138.05. If the price remains within the channel, there is the possibility of another upward move towards 148.00 after the consolidation. However, a breakdown below the channel would signal the completion of the upside move at 146.55 and indicate potential support at the 141.50 level.