The USDJPY pair has been on an impressive upward trajectory, extending its move from the low of 138.42 to reach as high as 144.61. This significant rise suggests that the bullish momentum remains intact, and further gains could be expected in the coming sessions.
Traders are closely monitoring the price action for potential targets as the pair continues its ascent. The next significant target for USDJPY is located at the 145.00 area, which represents a key resistance level. If the bullish momentum persists, the pair has the potential to reach this level, bringing further optimism to USDJPY bulls.
In terms of immediate support levels, traders should keep an eye on 143.86. As long as the price remains above this level, the bullish bias remains intact, and the upward move could continue. However, a break below 143.86 could lead to a retracement towards the next support at 142.67. It is worth noting that a breakdown below this level could signal a potential completion of the uptrend, prompting traders to reassess their positions. In such a scenario, the pair may find further support at 141.21.
To summarize, USDJPY has experienced a strong upward move, reaching as high as 144.61. The next target for the pair lies at the 145.00 area. Immediate support can be found at 143.86, with further support levels at 142.67 and 141.21. Traders should closely monitor price movements and the potential for a break of key support or resistance levels, as these could indicate a shift in the market dynamics.
