USD/JPY Price Analysis: Short-term uptrend resumes

• 
  USD/JPY
  has
  resumed
  its
  short-term
  uptrend
  after
  a
  pullback. 
• 
  The
  pair
  could
  rise
  up
  to
  match
  the
  July
  3
  high
  at
  161.95. 

USD/JPY
has
continued
recovering
after
finding
support
at
160.26,
the
July
8
low
and
bouncing.
The
pair
has
since
established
a
new
sequence
of
higher
highs
and
higher
lows
on
the
4-hour
chart,
indicative
of
the
start
of
a
short-term
uptrend.
Given
“the
trend
is
your
friend”
the
odds
now
favor
a
continuation
higher. 

USD/JPY
4-hour
Chart 

USD/JPY
is
also
in
an
uptrend
on
an
intermediate
and
long-term
time
frame,
further
supporting
a
bullish

outlook. 

A
break
above
161.61
would
signify
more
upside
to
the
next
target
at
161.95
(the
July
3
high).
A
break
above
that
level
would
establish
a
higher
high
and
provide
further
bullish
confirmation.
Such
a
move
would
probably
reach
the
162.70s
initially,
at
the
top
of
the
rising
channel,
where
it
would
again
meet
resistance.