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USDJPY Price Analysis
Current Scenario
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The USDJPY price has been trading within a narrow range since yesterday, hovering near the support line of its bullish channel. The market is currently awaiting a resurgence in the bullish momentum that could drive the price towards testing the 162.00 level. A successful breach of this level would likely propel the price further to the 164.20 area in the near term.
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Bullish Outlook
The bullish trend remains intact as long as the USDJPY price stays above 161.25. Should the price break below this level, it could indicate a potential bearish correction before the upward trend resumes.
Expected Trading Range
- Support: 161.00
- Resistance: 162.50
Trend Forecast: Bullish
