USDJPY remains mostly sideways this year, although the pair has carved higher lows since January.
It’s also still moving within the ascending channel I mentioned weeks ago.
For those reasons, I like USDJPY higher later this year.
However, longing the pair here makes little sense, in my opinion.
USDJPY is approaching the trend line from the 2022 high, which will likely attract sellers.
On the other hand, a daily close above the level opens up targets like 137.90 and 140.40.
That said, I’d prefer to bid USDJPY on a pullback if we get it.
I will keep an eye on the 135.00 support area in case we see USDJPY pull back before the next leg up.
Alternatively, I’ll look to bid on a pullback following a 137.90 retest.
My bullish bias will change if USDJPY breaks below the 134.00 region.
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