USD/JPY Daily Forex Analysis
The Daily Forex Analysis for the USD/JPY pair suggests that the uptrend that originated from 137.52 is gaining momentum. Today’s bullish movements imply that the retracement from 145.36 might have already ended at 137.52. Our USD/JPY Intraday Analysis now signals a bullish bias, anticipating a retest of the 145.36 level initially. A decisive break above this level could reignite the more extensive rally from 127.50, targeting the 61.8% projection of the 129.92 to 127.52 rise from 145.36 at 147.06 next. Conversely, a drop below the minor support at 139.40 could prompt a retest of the 137.52 level.
From a broader perspective, in our Daily Analysis, we consider the overall price actions from the 152.23 high (2022) as part of a corrective pattern. Current developments hint that the second wave, beginning from 127.50, might not have concluded yet. However, even if the uptrend extends, potent resistance is anticipated from 152.23, likely limiting the upside. Simultaneously, a break below the 137.52 support could confirm the start of the third wave, descending towards the 2023 low of 127.50 and possibly lower.
USD/JPY Daily Analysis Summary
Today’s Daily Forex Analysis for USD/JPY shows an acceleration in the uptrend from 137.52 with the potential to retest 145.36. If this level is broken, we could see a target of 147.06. However, strong resistance is expected at the 152.23 level.
Key Points:
- USD/JPY Intraday Analysis signals a bullish bias with a potential retest of 145.36.
- A decisive breakout above 145.36 could propel the pair towards 147.06.
- Despite the bullish sentiment, potent resistance is anticipated at 152.23, potentially limiting the upside.
