If you’ve been keeping an eye on the USDJPY currency pair, you’ll notice it’s currently moving within a rising price channel on the 4-hour chart. This pattern indicates that the pair is still in an uptrend, originating from the 141.64 level.
As long as the price remains within this channel, we can anticipate further upward movement. The next significant target to watch for is around the 152.00 area, and if the momentum continues, we could see it push towards the 153.50 mark.
On the flip side, initial support is set at 150.45. If the price breaks below this level, it may retrace back towards the bottom of the channel. A decisive break below this channel support would signal a potential end to the current uptrend.