USD/JPY Uptrend Intact

USD/JPY dropped a little but it could still resume its uptrend as long as it stays above the uptrend line. Technically, the uptrend line represents a downside obstacle. The 134.52 former high stands as an upside obstacle (resistance), while the 133.49 former low represents a static downside obstacle (support).

The current retreat could be only a temporary one before resuming its growth. The rate could test and retest the near-term downside obstacles before jumping higher.

USD/JPY Trading Conclusion

As long as it stays above 133.49 and above the uptrend line, USD/JPY could come back higher at least towards the 134.52 former high. An upside continuation could be activated if the price passes above 134.52.