The USDJPY is currently hanging out in a rising price channel on the 4-hour chart, a signal that the uptrend from 140.25 remains alive and well. As long as the channel’s support maintains its grip, we can expect the upward movement to carry on.
The key resistance area to watch is 148.80. A push past this resistance has the potential to trigger another rally, possibly sending the pair soaring towards the 150.00 territory.
Meanwhile, the vital pillar supporting this uptrend resides at 146.64. Only a drop below this level would signal an end to the uptrend that has currently stalled at 148.80. Should this happen, the focus would then shift to the next support level hovering around 145.50.