The USDJPY currency pair has persisted in its downward trajectory, culminating in a notable test of the pivotal support level at 141.40. Observations reveal that the price action has successfully maintained a consolidation above this crucial threshold, subsequently instigating a bullish rebound from this point. These developments signal the inception of an anticipated bullish wave within the intraday scope, with a primary focus on achieving levels around the 144.00 mark.
Consequently, our outlook remains inclined toward a bullish trend in the forthcoming period. The optimism is underpinned by the current emergence of positive momentum indicators, as evidenced by stochastic signals. It is essential to underscore that a breach of the 141.40 support level could subject the price to additional negative pressure, prompting a realignment with the corrective bearish trajectory.
In terms of the prevailing trading dynamics for the day, market participants are advised to anticipate a trading range bounded by the support at 141.40 and the resistance at 142.80. The overarching trend projection for the day is firmly poised in a bullish trajectory.