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USD/JPY Price Analysis: Short-term uptrend resumes

  • 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

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