USD/JPY Pulls Back to Trendline Support

George Solotarov
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USD/JPY Pulls Back to Trendline Support

USD/JPY has experienced a pullback to a key trendline support level, but the overall uptrend remains intact. The pair is currently consolidating within a bullish channel, suggesting further upside potential.

Key Technical Points:

  • Trendline Support: The pair has found support at a major trendline, indicating a potential buying opportunity.
  • Upward Momentum: The overall uptrend remains strong, with positive momentum indicators.
  • Potential Targets: A break above the recent high could lead to further gains towards 155.24 or even 157.86.

Cautionary Note: A break below the trendline and the 151.29 level could signal a short-term bearish reversal.

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