USD/JPY Daily Forex Analysis
In our Daily Forex Analysis, the USD/JPY pair is currently experiencing a shift in intraday bias back towards the downside, with the break below the temporary low of 139.81. A further breach of the 137.66 support level could signal the resumption of the broader downtrend originating from the 145.50 high, carrying larger bearish implications. Nonetheless, an upward break through the resistance level of 142.37 could resume the rebound from 137.66 and target a test on the 145.50 high.
From a wider perspective in our Daily Analysis, we view the overall price movements from the 152.33 high of 2022 as part of a correction phase. Current developments suggest that the second wave (the rally from 127.64) might still be in progress. However, even in the event of an extended rise, robust resistance should be encountered around 152.33 to limit further upside. Conversely, a break below the 137.66 support level would confirm the commencement of the third wave, targeting the 2023 low of 127.64 and potentially lower.
USD/JPY Intraday Analysis Summary
Summary: The Intraday Analysis of the USD/JPY pair reveals a bias back on the downside, with the potential for the decline from 145.50 to continue. An upside break of 142.37 could bring a return to the rebound from 137.66. From a broader perspective, we are currently witnessing a correction from the 2022 high, with the possibility of an extended rise or a third wave down.
Key Points
- USD/JPY Intraday Analysis shows a bias back towards the downside.
- An extended rise could encounter robust resistance around 152.33.
- A break below 137.66 could initiate the third wave targeting 127.64 (2023 low).
