On the four-hour chart, the quotes of USD/JPY are moving in an uptrend channel. After a false breakout of its lower border at the level of 132.54, a Hammer reversal pattern is formed. Next, a Three Advancing White Soldiers pattern was formed, signaling the continuation of the uptrend; however, the emerging Long-Legged Doji pattern warns market participants about the existing uncertainty and signals a possible downward reversal. In this situation, a likely scenario may be a decrease in the quotes of the trading instrument to the support level of 132.54, consolidation of the price below which will allow the "bears" to go lower, to the area of 130.45–126.78. An alternative scenario can be realized if the price consolidates above the resistance level of 135.39. Then the quotes may recover to the range of 136.85–139.46.
On the daily chart, at the resistance level of 135.39, there is the formation of a Tower Top candlestick analysis pattern, which is formed in the area of high prices and is a downward reversal pattern. At the moment, the price is moving in an uptrend; however, a possible scenario could be that it overcomes the lower border of the trend channel and consolidates below the level of 132.54, which will strengthen the downtrend to the area of 130.45–126.78.
Support levels: 132.54, 130.45, 126.78. | Resistance levels: 135.39, 136.85, 139.46.