USDJPY has recently broken above the falling trend line on the 4-hour chart, indicating that the previous downside movement from 141.94, which reached as low as 138.05, has concluded. With this breakout, a further rally could be anticipated in the upcoming days, and the next target for the pair would be at 141.94, followed by the 145.00 area.
For now, the immediate support level stands at 140.60. If the price experiences a breakdown below this level, it might lead to a retracement back towards the 138.85 support.
Traders will closely observe how USDJPY behaves around the mentioned support and resistance levels to assess the potential direction of the pair in the near future. The market sentiment will likely be influenced by the ability of the price to sustain its upward momentum and navigate these key technical levels.
