Looking at the USDJPY pair, it seems to be holding its ground above a rising trend line on its 4-hour chart, a promising sign that the pair is persisting along the bullish trend that started at 140.25.
![](https://www.forexcycle.com/wp-content/uploads/2024/20240122_USDJPY_1.png)
As long as the price stays obedient above this highlighted trend line, the pullback it experienced from 148.80 could potentially be interpreted as mere consolidation of the uptrend. And a successful breach of 148.80 might set off a further upward spree towards 150.00. Should the pair conquer this level, we could have our gaze set on 151.90.
However, we must consider the current support at 147.60. A plunge below this level might suggest that we’re in for a lengthier consolidation of the uptrend. At this stage, we could anticipate the pair to find support along the trend line, this time at around 146.60.
Nonetheless, be mindful that a break below the trend line support could hint at the conclusion of the current uptrend.