The USD/JPY currency pair is currently encountering resistance at the level of 147.87. If the price successfully breaks above this level, it would suggest a continuation of the upward move that began from 137.23, with the next target potentially around the 149.00 area.
On the downside, immediate support is located at 146.90. A breakdown below this level could lead to a retracement towards the bottom of the channel. Key support, however, resides at 145.89. If the price falls below this level, it would indicate that the upside move may have already concluded at 147.87, potentially signaling a shift towards the downside, with the next target around the 141.50 area.
Traders should monitor these critical levels and be prepared to react accordingly based on potential continuations or reversals in the identified trend.
