The USDJPY currency pair has experienced a significant upward move, stretching from 127.21 to a high of 141.90. This extended rally indicates a sustained bullish sentiment in the market. As long as the price remains above the rising trend line on the weekly chart, the upside momentum is expected to continue, potentially targeting higher levels.
Traders and investors can anticipate the USDJPY pair to aim for the next targets at 145.00 and 151.94. These levels represent potential resistance areas where price consolidation or a temporary pullback may occur. They should be monitored closely for potential trading opportunities.
The rising trend line on the weekly chart serves as a crucial support level, currently positioned below the current price action. If the price were to experience a correction or retracement, a breakdown below the trend line support could trigger a bearish move. In such a scenario, the USDJPY pair may find support at 137.90, which is an important level to monitor. A sustained break below 137.90 could lead to a further decline towards the 118.00 region.
In summary, the USDJPY currency pair has maintained its upside momentum, extending its move from 127.21 to 141.90. With the price above the rising trend line on the weekly chart, the outlook remains bullish. Traders should be watchful for potential resistance levels at 145.00 and 151.94. However, a breakdown below the trend line support and the key level at 137.90 could trigger a bearish move towards 118.00. Traders are advised to stay vigilant and adjust their positions accordingly based on market conditions and price action.
