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USDJPY Rebounds from Channel Support, Eyes 162.00 Target

by Daisy

The USDJPY price recently tested the support line of a bullish channel, rebounding strongly and indicating a potential continuation of the upward trend. Analysts anticipate a move towards the next target at 162.00.

Supporting this bullish outlook is the EMA50, currently guiding the price from below. However, market watchers caution that a break below 160.35 could signal a shift in momentum, potentially initiating a bearish correction in the short term.

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In terms of trading expectations, the USDJPY is projected to fluctuate between support at 160.10 and resistance at 161.80.

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This development underscores the current resilience of the bullish trend, pending further market dynamics that could influence near-term price action.

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