The USD/JPY currency pair has recently broken above a falling trend line on the 4-hour chart, signaling that the downside movement from 149.36 has likely concluded at 143.44.
Outlook for the USD/JPY Pair
As long as the price remains above the rising trend line on the 4-hour chart, we can expect the upward move that started at 143.44 to continue. The next target on this upward trajectory is the resistance level at 147.34. If this level is breached, we could see further gains towards the 149.36 resistance.
Key Support Levels
- Initial Support: The first line of support to watch is at 145.55. If the price falls below this level, it may test the support provided by the rising trend line.
- Further Downside Risks: Should the price break below the trend line support, it could slide back towards the 143.44 support level.
Conclusion
Traders should closely monitor these key levels for potential trading signals. The USD/JPY pair shows promise for continued upward movement, but the support levels remain critical for assessing any risk of reversal. Stay informed about the latest market developments!
by ForexInflux
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