USDJPY maintains its bullish trend on the H4 timeframe, with the price trading above the EMA34 and EMA89 and remaining within a clear rising channel. After touching the 164.10 resistance zone, the pair is undergoing a short-term pullback. However, this is currently viewed as a technical retracement, provided the price holds above the rising trendline and the 163.23 level.
Fundamentally, the USD remains supported by expectations that the Fed will keep interest rates higher for longer, while the BOJ is unlikely to alter its monetary policy in the near term. The yield spread between the US and Japan remains the primary driver of the USDJPY uptrend, although the market is closely monitoring the possibility of Japanese intervention should the yen continue to weaken.
The preferred scenario is to wait for a pullback to the 163.23 zone, where the rising trendline and EMA34 converge. If this area holds and a bullish confirmation signal emerges, USDJPY could potentially retest the 164.10 level.
Fundamentally, the USD remains supported by expectations that the Fed will keep interest rates higher for longer, while the BOJ is unlikely to alter its monetary policy in the near term. The yield spread between the US and Japan remains the primary driver of the USDJPY uptrend, although the market is closely monitoring the possibility of Japanese intervention should the yen continue to weaken.
The preferred scenario is to wait for a pullback to the 163.23 zone, where the rising trendline and EMA34 converge. If this area holds and a bullish confirmation signal emerges, USDJPY could potentially retest the 164.10 level.
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