The USD/JPY currency pair has continued its upward momentum, extending the move from 137.23 to reach as high as 148.16. The pair has successfully surpassed the resistance level at 147.87, indicating a bullish sentiment in the market.
Considering the current price action, it is likely that we will see further upward movement in the coming days. The next target for the pair would be around 149.00, followed by 151.50.
In terms of support, the immediate level to watch is at the bottom of the rising price channel on the 4-hour chart. As long as this channel support remains intact, the upside move is expected to continue.
However, it’s important to be aware of potential downside risks. A breakdown below the channel support could lead to a retracement in price, with a possible test of the key support level at 145.89. Only a clear break below this level would suggest the completion of the uptrend.
Traders should closely monitor the price’s behavior within the rising channel and keep a lookout for any potential breaks of support or resistance levels. Being prepared to adjust trading strategies accordingly is advisable.