USD/JPY Finds Support at Key Trendline

The USD/JPY pair has recently dipped to a significant long-term trendline at around 152.55, but remains within an overall uptrend. While a short-term correction has occurred, the underlying bullish momentum suggests a potential recovery and further upside.

Potential Upward Movement:Immediate Upside:

A break above the November 7 high of 154.71 could reignite the uptrend, potentially leading to a move towards the July 30 high of 155.24.Stronger Bullish Signal: A subsequent break above 155.24 could signal a stronger bullish trend, with a potential target of 157.86 (July 19 high).

Potential Downside:Bearish Reversal:

A break below the trendline and the 151.29 support level could indicate a short-term bearish reversal.Downside Target: In such a scenario, the pair may decline towards the 150.15 level, where support from the 100-day Simple Moving Average could provide some resistance.

Overall, while the pair has experienced a temporary pullback, the prevailing uptrend remains intact. Traders should monitor price action around the key levels mentioned above to gauge the potential direction of the pair.