USDJPY Analysis – September 21, 2023

USD/JPY has indeed extended its upward movement from 137.23 to as high as 148.45 and has successfully broken above the resistance level at 147.87.

Based on this price action, there is a likelihood of further upside in the pair in the coming days. The next target to watch for is around 149.00, followed by 151.50.

Immediate support can be found at the bottom of the rising price channel on the 4-hour chart. As long as this channel support holds, the upside move is expected to continue.

However, it is important to keep an eye on the potential downside risks. A breakdown below the channel support could lead to a retest of the key support level at 145.89. Only a clear break below this level would signal a potential completion of the uptrend.

Traders should closely monitor price movements and be prepared to adjust their trading strategies accordingly, considering both the upside potential and the possibility of a downside reversal.