USD/JPY Price Forecast: Channeling higher

FXStreetSep 24, 2024 1:18 PM

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USD/JPY is channeling higher in a short-term uptrend.
It is likely to extend, although the medium-term bear trend risks pushing it lower again.

USD/JPY has risen up in a channel since bottoming out at the September 16 low.

The rising peaks and troughs, suggest the pair might now be in a short-term uptrend, which favors long holders.

USD/JPY 4-hour Chart

Since “the trend is your friend” the short-term outlook, therefore, is mildly bullish.

A break above 144.68 (September 24 high) would provide confirmation of more upside, to a tentative target at 145.00, then 145.50 and finally in a bullish case 146.00.

A decisive break below the lower channel line, would negate the bullish bias.

The pair is in a medium-term downtrend suggesting a risk of a resumption lower, however, those risks are balanced by its long-term uptrend.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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