USDJPY: Uptrend Intact, But Will It Break Higher or Retreat?

USDJPY continues its upward trajectory, confined within a rising price channel on the 4-hour chart. This suggests the uptrend from 145.89 remains in play, but where will the pair head next? Let's analyze the key support and resistance levels to understand the potential scenarios.

Uptrend Continues: Channel Support as the Key

• Channel Confirmation: As long as the price stays above the channel support, the uptrend is likely to persist. This reinforces the bullish momentum and suggests potential for further gains.
  
• Breakout Potential: If the bulls push the price above the current resistance at 150.88, the next target to watch is 151.90, signifying a potential breakout from the channel and further bullish momentum.
  

Downside Risk: Channel Support and Beyond

• Support Test: A breakdown below the channel support would indicate a potential weakening of the uptrend. This could trigger a pullback towards the 149.52 support level.
  
• Trend Reversal Signal: If the price falls further and breaks below 149.52, it would suggest a potential completion of the recent uptrend from 145.89. In this scenario, the next support zone to watch would be around the 147.50 area.
  

Overall Sentiment

The technical picture leans towards a bullish outlook for USDJPY in the near term. The uptrend remains intact within the rising price channel, and further gains towards 151.90 are possible as long as the support holds. However, a breakdown below the channel support could signal a potential pullback or even a trend reversal towards 147.50 or lower. Monitoring the price action around the mentioned support and resistance levels will be crucial in determining the pair's next move.

Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Please conduct your own research before making any trading decisions.