FX.co ★ USD/JPY up channel

USD/JPY retesting buyers

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.

USD/JPY trading conclusion

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.