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As you can see on the H4 chart, the USD/JPY pair registered a strong upwards movement after passing above the downtrend line. I've told you in a previous analysis that USD/JPY could develop an upside reversal if it jumps above the downtrend line.
115.45 former high (historical level) represented an upside obstacle. The price ignored this resistance level siganling strong buyers and potential further growth. Still, in the short term, it could retreat a little after its amazing rally. Testing and retesting the 115.45 and consolidation above this level may signal potential further growth.
USD/JPY could extend its growth as long as it stays above the 115.45. A minor retreat couldhelp the buyers to catch a new upwards movement. 116.27 higher high stands as an upside target if the rate continues to grow.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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