Analyzing the 4-hour chart for USD/JPY, the pair has recently tested the 146.20 level, initiating a recovery wave that has propelled it above the 146.50 and 146.70 thresholds.

This upward momentum indicates a potential for continued gains as market sentiment shifts in favor of the bulls. Traders are now left to ponder whether this trend will maintain or reverse, as the dynamics of the forex market remain fluid.

Support levels and potential resistance points will be critical for traders in their decision-making processes moving forward. Stakeholders should pay close attention to upcoming economic releases that may impact the USD/JPY trajectory.

With key technical levels established, the currency pair is now positioned at a pivotal juncture, warranting keen observation from market participants.