The USDJPY currency pair is currently experiencing a sideways movement within a trading range bounded by 144.92 and 146.55.
If the price remains within the rising price channel on the 4-hour chart, the current sideways move could be considered as consolidation for the previous uptrend originating from 138.05. In this case, there is still potential for another rise towards the 148.00 level after the consolidation phase concludes.
However, if a breakdown occurs below the lower boundary of the channel, it would indicate that the upside move has already completed at 146.55. In such a scenario, the pair is likely to find support around the 141.50 level.
To summarize, USDJPY is currently exhibiting a sideways movement within a trading range between 144.92 and 146.55. As long as the price remains within the rising price channel on the 4-hour chart, the sideways move can be viewed as consolidation for the uptrend from 138.05, potentially leading to another rise towards 148.00. Conversely, a breakout below the channel would suggest the completion of the upside move at 146.55 and indicate support around 141.50.