USDJPY Analysis – September 12, 2023

USD/JPY is currently approaching the support of a rising price channel on the 4-hour chart. If this channel support holds, the recent pullback from 147.87 could be considered a consolidation phase within the larger uptrend that started from 137.23. In this scenario, there is still potential for further upside towards the 148.00 area after the consolidation period.

On the downside, if the price breaks below the channel support, it could indicate a bearish shift in momentum. This could lead to a retest of the 144.43 support level. If the price further breaks below this level, it would confirm that the upside move has completed at 147.87 and the next target for the downside move would be around the 141.50 area.

To navigate trading opportunities in USD/JPY, monitor the price action and the behavior around the channel support. Consider the potential for continuation of the uptrend if support holds and anticipate a potential downside move if the support is broken. These critical levels will provide important insights into the future direction of USD/JPY.