USD/JPY is currently displaying a strong bullish momentum, which is supported by its position above a significant ascending trend line. This suggests that there is potential for further upward momentum in the near future.
The first support level for USD/JPY stands at 133.69 and is identified as an overlap support. In addition, the current price is also testing a major support level that aligns with a 38.2% Fibonacci retracement. If the price bounces from this level, it could move towards the first resistance level at 135.30, which is a pullback resistance that coincides with a descending trend line.
An intermediate resistance at 136.04 is also present between the current price and the first resistance. If this level is breached, it could trigger a stronger bullish acceleration towards the first resistance.
A potential rise towards the second resistance level at 137.79, a multi-swing high resistance, could occur if the first resistance level is broken.