USD/JPY is currently within a rising price channel on the 4-hour chart, indicating that the pair remains in an uptrend from 138.05. As long as the support of the channel holds, the recent pullback from 147.37 could be viewed as a consolidation phase within the overall uptrend. In this scenario, there is still potential for further upside towards the 148.00 area once the consolidation is complete.
The key support level to monitor is located at 144.53. A breakdown below this level would suggest that the upside move has already completed at 147.37. In such a case, the next target for support would be around the 141.50 level.
Traders should closely observe the price action in USD/JPY, paying attention to the behavior around the channel support and the key support level at 144.53. This will provide valuable insights into the potential continuation or reversal of the current uptrend.
