FX.co ★ Technical analysis on USDJPY for October 17th, 2023.

Green line- support trend line

Yellow rectangles- horizontal support

Blue rectangle- target area

USDJPY is trading around 148.77. Trend remains bullish as price continues making higher highs and higher lows above the green upward sloping support trend line. Recent price action with long lower tailed candlesticks suggest that the trend is supported. Price continues making higher lows and higher highs. Maybe this is the time for a new higher high towards 151-151.50 as long as price respects the support at 148.80.