USDJPY has broken above the key resistance level at 135.13, indicating that the upside movement from the Mar 24 low of 129.63 has resumed. As long as the price remains above the rising trend line of the 4-hour chart, the uptrend could continue to the next target of 138.00.
At the time of writing, USDJPY is trading at 136.70, and the next resistance level is at 137.90. If the price manages to break above this level, it could accelerate towards the next target of 139.50.
However, if the price fails to hold above the rising trend line of the 4-hour chart, it could indicate a potential reversal in the trend. The near term support level is at 135.50, and a break below this level could bring the price back to test the trend line support.
Overall, the outlook for USDJPY remains bullish, and further gains could be expected in the coming days. However, traders should keep an eye on the support and resistance levels to gauge the direction of the trend and adjust their positions accordingly.
