In recent trading, the USD/JPY currency pair encountered downward pressure, leading to a retest of the crucial support level at 142.00. This mark holds particular significance as it constitutes the breached neckline of the previously identified Double Bottom pattern, which is visually depicted in the accompanying chart. However, a rebound in prices was observed, underscoring the persistent constructive influence of this pattern. Market sentiment is buoyed by the anticipation of a resumption in the upward trajectory, setting sights on an attainable target at 144.00.
Notably, the Stochastic indicator has emitted distinct and affirmative signals, providing robust backing for the envisioned upward momentum. This trend is projected to retain its course, contingent on the USD/JPY pair maintaining its position above the pivotal 142.00 level and, more critically, above the 141.40 threshold.
The projected trading range for the current session is poised between the support level at 142.00 and the resistance level at 143.60.
In summary, the prevailing outlook for today remains bullish, with indicators and patterns aligning to suggest potential for a favorable price trend.