USDJPY Analysis – September 13, 2023

USD/JPY experienced a failed attempt to break below the bottom of the rising price channel on the 4-hour chart and rebounded from 145.89. This suggests that the currency pair remains in an uptrend that commenced from 137.23.

There is a likelihood of further upside movement towards testing the 147.87 resistance level. A successful break above this level could indicate a resumption of the uptrend and potentially lead to the next target around the 149.00 area.

Immediate support for USD/JPY is located at 146.90. If the price breaks below this level, it may retrace towards the bottom of the channel. Key support, however, is at 145.89. A drop below this level would signal the completion of the upside move at 147.87 and could potentially result in the next target being around the 141.50 area.

To assess trading opportunities in USD/JPY, closely monitor the price action around the resistance and support levels mentioned. Keep an eye on the behavior within the rising price channel and be prepared to react accordingly based on potential continuations or reversals in the identified uptrend.