USD/JPY has broken above the falling trend line on the 4-hour chart, signaling that the downtrend from 149.36 has likely ended at 143.44.
What to Expect Next?
- Continued Uptrend:
- As long as the price stays above the rising trend line on the 4-hour chart, the upward movement from 143.44 is expected to continue.
- The next target is the 147.34 resistance level. If the price breaks above this level, it could push further toward the 149.36 resistance.
- Support Levels to Watch:
- Initial support is at 145.55.
- If the price drops below this level, it may test the rising trend line’s support.
- A break below the trend line could lead to a decline toward the 143.44 support level.
Conclusion
USD/JPY has shifted back into an uptrend after breaking above the falling trend line. As long as the pair remains above the rising trend line, the focus is on reaching the 147.34 resistance, with the potential for further gains toward 149.36. Keep an eye on the 145.55 support level, as a break below it could signal a possible retest of the trend line or a move back to 143.44 support.