USD/JPY Resumes Uptrend, Eyes July Highs Amid Bullish Momentum
The USD/JPY pair has rebounded from recent lows, establishing a new short-term uptrend with consecutive higher highs and higher lows on the 4-hour chart. This bullish momentum aligns with broader intermediate and long-term trends, suggesting further upside potential.
A decisive break above 161.61 would pave the way for the pair to challenge the July 3rd high at 161.95. Overcoming this level would confirm a higher high and could propel the USD/JPY towards the 162.70 resistance zone, coinciding with the upper boundary of the rising channel.
Key Technical Levels:
- Support: 160.26 (July 8 low)
- Resistance: 161.61, 161.95 (July 3 high), 162.70
Outlook:
The technical outlook for USD/JPY remains bullish in the short, intermediate, and long term. Traders should focus on the 161.61 and 161.95 levels as potential catalysts for further upward movement.