When I look at the weekly USD/JPY chart after such a long time, I am struck by the sheer, unrelenting strength of the US dollar's buyers. I can see that the bullish momentum is not merely a brief spike but a deeply entrenched force, demonstrating a conviction that I find truly formidable. I observe that the price action spent a considerable period meticulously testing the uppermost resistance at the 9% Fibonacci retracement level, which to me signifies a critical battleground between bulls and bears. I believe that the eventual decisive breakthrough of that barrier was a major technical and psychological victory for the upward trend. I even noted the subsequent pullback, but I interpret that not as weakness, but as a healthy recalibration that ultimately reinforced the dominant direction when the price steadfastly resumed its ascent. I feel that this dynamic has effectively invalidated any significant bearish hopes from the recent weeks, solidifying the buyers' control over the market’s narrative. I am now convinced that the path of least resistance is unequivocally higher, and I anticipate a continued push toward the primary high at the 162.00 level
I doubt very much that any meaningful reversal is on the horizon, given the overwhelming pressure I see from the buying side. I expect that this persistent pressure will only intensify as the price approaches that key 162.00 zenith, which I view as the next logical target. I think that after what will likely be a brief and volatile test of that previous high, the level will ultimately be breached, allowing the price to climb to even greater heights. I interpret the failed weekly correction that began several months ago as a powerful testament to the underlying strength of the broader uptrend; it was not a trend change but merely a pause that has now refreshed the bullish impulse. I conclude, therefore, that USD/JPY is absolutely set to continue its long-term trajectory, and I will be watching for any minor consolidations as potential opportunities in alignment with the primary trend. I am mindful of external factors like intervention rhetoric, but the technical picture I see is so compelling that I believe the fundamental drivers favoring the dollar will continue to overshadow other concerns. Ultimately, I find myself aligning my perspective with the chart’s clear message: the trend is profoundly intact, and any near-term weakness should be viewed through the lens of this overarching, powerful upward drive.
