USD/JPY New Uptrend
The USD/JPY pair dropped as much as 131.05. Now, it has turned to the upside. After its strong drop, a rebound was natural. Now, it's trading at 133.40 at the time of writing. It could climb higher as long as it stays above the uptrend line and above the 133.07 former high.
The 133.07 represented an upside obstacle. After breaking above it, this has turned into a downside obstacle. The uptrend line represents a downside obstacle as well.
USD/JPY Forecast
The 133.76 historical level represents the next upside target and is seen as an upside obstacle. Jumping above it may signal further growth. This scenario could help the traders to catch an upside continuation.
