The pair remains in an ascending channel with support at 161.98, while RSI consolidation suggests near-term stability without breaking the uptrend.
USD/JPY trades around 162.00 in Asian hours, recovering from two days of losses as it maintains a bullish near-term bias. The pair holds above both the nine-day and 50-day Exponential Moving Averages (EMAs), reinforcing upward momentum.
The currency pair remains within an ascending channel, with initial resistance at the July 1 high of 162.84 and a potential target near 164.00. Support levels include the nine-day EMA at 161.98 and the lower channel boundary around 160.80. The 14-day RSI has eased to the mid-50s, indicating consolidation after overbought conditions.
A break below the channel could expose the May 6 low of 155.04, though the broader trend remains intact for now.