Spotting a potential buying opportunity in USDJPY

The USDJPY pair has started to form higher highs, indicating a short-term uptrend. This is further supported by the price moving above the 100 and 200 moving averages on the 4-hour timeframe, as well as the 100 moving average on the daily timeframe. Currently, the price has reached the upper edge of the upward channel and has shown reversal candles. We are waiting for the price to re-enter a buy zone that corresponds to the 61.8% Fibonacci retracement level of the last wave, which coincides with the 38.2% Fibonacci retracement level of the previous downtrend wave since March. Additionally, this buy zone is close to the convergence of the 100 and 200 moving averages on the 4-hour timeframe, the 100 moving average on the daily timeframe (in blue), and near the upward trend line and a local support level. If the price responds positively to these supports, the next target could be 134.9.

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