USDJPY Analysis – January 5, 2024

The USDJPY currency pair has experienced a significant breakthrough, surpassing the key resistance level at 144.95. This breakout indicates that the previous downward movement from 151.90 has likely concluded at 140.25.

The recent price action suggests the possibility of a further rally in the coming days, with the next target set around the 146.50 area, followed by 149.50. This indicates a potential upside momentum for the USDJPY pair.

Immediate support is identified at 144.25. A breakdown below this level would suggest a correction for the upside move from 140.25. In such a scenario, the pair may find support around the 142.80 area.