The USDJPY pair has been displaying a consistent uptrend, as evidenced by its movement within a rising price channel on the 4-hour chart. This pattern suggests that the bullish momentum that began at 141.64 remains intact, offering traders a clear visual guide for potential future moves.
As long as the pair continues to respect the boundaries of this channel, the upward trajectory is expected to persist. Traders are now setting their sights on the 152.00 level as the next significant target. Should the pair break above this threshold, it could pave the way for a further climb towards the 153.50 area.However, it’s crucial to keep an eye on potential support levels. The initial support to watch is at 150.45. A breakdown below this level could trigger a pullback towards the lower boundary of the channel. This area is particularly important as it serves as a litmus test for the current uptrend.It’s worth noting that only a decisive break below the channel’s support line would signal a potential end to the current uptrend. Until then, the rising channel continues to provide a bullish framework for traders to operate within.As the USDJPY pair continues its ascent, market participants will be closely monitoring how it behaves within this channel. The coming sessions will be crucial in determining whether the pair can maintain its upward momentum or if we’ll see a reversal of the trend that has dominated recent trading.More By This Author:EURUSD Caught in a Sideways Pattern: What’s Next?GBPUSD Takes A Bearish Turn: What’s The Outlook? EURUSD Stuck In Range: What’s Next For The Pair?
USDJPY Continues Its Upward March: What’s Next For The Yen?
