The USDJPY currency pair has maintained its long-term uptrend, which originated from 127.21. Despite potential periods of consolidation, the overall upward trajectory suggests the possibility of further gains in the future. Traders with a bullish outlook anticipate the next target to be at 149.00, followed by 151.94. These levels may act as significant psychological and technical resistance points, potentially influencing the behavior of market participants.
It is important to note that consolidation periods are not uncommon within an uptrend. These phases allow the market to pause and gather momentum before resuming the upward movement. During consolidation, traders should exercise caution and monitor key support levels to assess the strength of the trend.
In the case of USDJPY, the support levels to watch are at 142.00 and 137.90. As long as the price remains above these levels, the bullish bias remains intact, signaling the potential for further upward movement. However, a breakdown below these support levels could raise concerns about the longevity of the uptrend. A significant drop below these levels might trigger another fall towards the previous low at 127.21, potentially indicating a shift in market dynamics.
To summarize, the USDJPY pair continues to exhibit a long-term uptrend from 127.21. Despite potential consolidation periods, the next target for the pair is projected to be at 149.00, followed by 151.94. Key support levels at 142.00 and 137.90 should be closely monitored, as a break below these levels could trigger a potential retracement towards the previous low at 127.21. Traders should stay informed and adapt their trading strategies to changing market conditions.
