The USD/JPY is currently exhibiting a bullish momentum, indicating the potential for further upward movement.
In the short term, there is a possibility of a bullish continuation towards the first resistance level at 137.99. This level has previously acted as a significant swing high resistance, suggesting it may present a formidable challenge for the price.
However, prior to reaching the first resistance, the price could face some downward pressure. In such a scenario, the first support level at 135.30 could act as a crucial level of support. This level is an overlap support, highlighting its reliability as a price floor.
In the event that the price drops below the first support, it may potentially gravitate towards the second support level at 133.69, which is also an overlap support. This level would provide a secondary safety net for the price.
