The USDJPY has been trading in a range between 129.63 and 135.46 since May, but recent price action suggests that the uptrend from the March low has resumed. The pair failed to break below the key support level of 133.49 and instead broke above the resistance at 135.46.
As long as the price remains above the support level of 133.49, we can expect further bullish movement in the pair. The next target for the pair would be the resistance level of 137.77.
However, if the pair breaks below the support level of 133.49, it could signal a further decline towards the March low of 129.63.
In conclusion, the USDJPY has resumed its uptrend, with key support at 133.49. As long as this support level holds, we can expect further bullish movement in the pair towards 137.77. However, a break below 133.49 could signal a further decline towards the March low of 129.63.
