**USD/JPY Bullish Range Breakout – Target 160.58US Dollar/Japanese YenFX:USDJPYSMART_MONEY_CIRCLEThis 1-hour USD/JPY chart displays a strong bullish continuation setup following an extended uptrend. Price has been respecting a rising trendline while trading above the Ichimoku Cloud, indicating sustained bullish momentum. ### Key Technical Observations * A clear ascending trendline has supported price since late May, forming a series of higher lows. * The pair consolidated within a rectangular range between approximately **159.60 and 160.05** (highlighted blue zone). * Price recently broke above the upper boundary of this consolidation, signaling a bullish breakout. * The breakout occurred while price remained above the Ichimoku Cloud, reinforcing the bullish bias. * The cloud is rising and projected support remains intact, suggesting buyers maintain control. ### Bullish Target 🎯 **Target: 160.58** The target is based on a measured-move projection from the height of the consolidation range, added to the breakout level. The target also coincides with a potential resistance area near recent highs. ### Trade Thesis * **Entry Trigger:** Confirmed breakout above the consolidation range near **160.05–160.10**. * **Support Zone:** Previous range resistance around **160.00**, which may now act as support. * **Invalidation:** A sustained move back below the breakout level and beneath the ascending trendline. * **Upside Target:** **160.58** ### Summary USD/JPY has broken out of a multi-day consolidation pattern while maintaining a strong bullish structure above both the ascending trendline and Ichimoku Cloud. As long as price holds above the breakout zone, the chart favors continuation toward the **160.58 target**.