USD/JPY up channel

The currency pair dropped a little in the short term, but it could jump higher again as long as it stays above the uptrend line. Technically, the uptrend line represents a downside obstacle. Also, the former low of 147.51 stands as a downside obstacle.

As you can see on the H1 chart, the rate increased within an up channel. The pattern's upside line represents an upside target.

Testing and retesting the uptrend line and staying above it may announce a new upwards movement. Only dropping below the uptrend line and below 147.51 brings a selling opportunity.