USDJPY Daily Analysis – August 24, 2023

USDJPY has experienced a significant development as it broke below the bottom of the rising price channel on the 4-hour chart. This breakout implies that the previous upside move from 138.05, extending to 146.55, has potentially concluded.

With the breakout indicating a possible reversal in the pair’s direction, a further decline is expected in the upcoming days. The next target for USDJPY would be around the 141.50 area. Traders should monitor the price action closely to assess the strength and continuation of the downward move.

Immediate resistance for the pair is located at 145.75. For a potential reversal scenario, USDJPY would need to break above this resistance level to trigger another rise towards the 148.00 area.

To summarize, the breakout below the rising price channel on the 4-hour chart suggests a potential completion of the previous upside move for USDJPY. Traders should remain vigilant for further price declines, with the next target around 141.50. However, a break above the 145.75 resistance level would indicate a potential reversal and a resumption of the upward move towards 148.00.