- USD/JPY has resumed its short-term uptrend after a pullback.
- The pair could rise to match the July 3 high at 161.95.
The USD/JPY has continued to rally after finding support at 160.26, the low of July 8, and bouncing off. The pair has since established a new sequence of higher highs and higher lows on the 4-hour chart, signaling the start of a short-term uptrend. Since “the trend is your friend,” the odds now favor an upside continuation.
USD/JPY 4-hour chart
The USD/JPY is also in an uptrend on both an intermediate and long-term time frame, which further supports a bullish outlook.
A break above 161.61 would mean further upside towards the next target at 161.95 (the high from July 3). A break above that level would establish a higher high and provide further bullish confirmation. Such a move would likely initially reach 162.70, at the top of the ascending channel, where it would again encounter resistance.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
