USDJPY H1: Bullish outlook seen, further upside above 132.60

On the H1 time frame, prices are holding above an ascending channel and a throwback to the support zone at 132.60, in line with the 50% Fibonacci retracement and ascending channel’s support presents an opportunity to play the bounce to the next resistance target at 135.50. A break above the upside confirmation at 134.50 would provide the bullish acceleration to the resistance target at 135.50. Prices are holding above the 50 EMA as well, supporting the bullish bias.