USD/JPY has experienced significant upward movement, starting from 137.23 and reaching as high as 147.81. This rally included a break above the resistance level at 147.37.
Based on this upward momentum, it is possible for USD/JPY to continue rising in the coming days, with the next target potentially being around 148.00.
Immediate support can now be found at 147.25. If the price breaks below this level, it could indicate a retracement towards the bottom of the price channel on the 4-hour chart.
The key support level to watch is located at 144.43. A breakdown below this level could indicate the completion of the current uptrend.
To make informed trading decisions, it is important for traders to monitor the price action in USD/JPY, including the immediate support at 147.25, the key support at 144.43, and the potential upside target at 148.00. These levels will provide valuable insights into the potential continuation or reversal of the USD/JPY trend.