USDJPY still looks structurally bullish despite the slight red close. The pair opened around 161.502, printed a low near 161.265, rallied strongly into the 161.897 area, and then gave back part of the move while still holding in an elevated range. That kind of behavior usually reflects strength, because even after a sharp intraday retracement, price did not collapse back into the session low. Instead, it stayed relatively firm and continued trading around the open. The chart’s internal structure is actually quite encouraging for bulls. It began with a higher low around 161.163, built a strong upward leg, and then absorbed a sharp rejection without destroying the full trend sequence. That matters because in a weak market, a rejection from the highs usually leads to cascading downside follow through. Here, that did not happen. The pair pulled back, but buyers were still active enough to prevent a full breakdown. That suggests the market is still treating dips as buying opportunities.

From a bullish technical standpoint, the important zone is 161.26 to 161.38. As long as price continues to hold above that area, the structure remains supportive of another push higher. A reclaim of the 161.60 region would put the recent high back in focus, and if buyers take out 161.74 and then 161.89, it would confirm continuation strength. Overall, this chart looks less like a reversal and more like a pause after an impulse move, which is usually a constructive sign in a trending FX pair.

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