USDJPY: Momentum Near HighsUSD/JPYOANDA:USDJPYvertexalgoOver the past month, USDJPY has maintained a well-defined bullish structure, consistently printing higher highs and higher lows after recovering from several short-term pullbacks. The most notable acceleration occurred around the middle of the month, where strong bullish momentum pushed price into a new trading range. Since then, the market has transitioned into a period of consolidation rather than showing signs of a significant trend reversal. Technical Observation Price continues to trade near the upper boundary of its recent monthly range, indicating that buyers are still maintaining control despite temporary intraday corrections. The EMA Exhaustion indicator currently shows: The red histogram remains close to the zero line, indicating that the short-term EMA is positioned near its recent upper range. The green histogram has started to expand again, suggesting that bullish momentum is rebuilding after a modest pullback. This behaviour is often observed during strong trends where momentum temporarily cools before attempting another continuation. However, the indicator measures the position of the EMA within its recent range and should not be interpreted as a standalone reversal signal. Key Levels Bullish Scenario: As long as USDJPY continues to hold above recent swing support, the broader uptrend remains intact and buyers may attempt another push toward fresh monthly highs. Bearish Scenario: A decisive break below recent higher lows would weaken the current market structure and could trigger a deeper corrective move before the primary trend resumes. Trading Perspective At the moment, the overall market structure still favours buyers. Rather than attempting to anticipate an immediate reversal, it may be more constructive to monitor whether pullbacks remain shallow and whether momentum stabilises before continuation. The EMA Exhaustion indicator suggests that momentum remains near the upper portion of its recent range, supporting the current bullish bias while reminding traders to monitor for signs of weakening momentum if price begins forming lower highs. This publication is intended for educational and technical analysis purposes only and should not be considered financial or investment advice.