USD/JPY Daily Forex Analysis
In this daily forex analysis, we are focusing on the USD/JPY pair. The decline from 145.10 continues, making the intraday outlook lean towards the downside, targeting the resistance-turned-support at 137.94. A decisive breakthrough at this level would lend credence to a broader bearish scenario. However, surpassing the minor resistance at 142.10 would neutralize the intraday bias, potentially leading to short-term consolidations before a subsequent fall.
On a larger scale, the current downside momentum, as reflected by the daily MACD, suggests that the fall from 145.10 might indeed represent the third phase of the corrective pattern originating from 151.97 (the high of 2022). If the 137.94 resistance-turned-support level is broken decisively, this would confirm the assumption, with a target set towards 127.24 (the low of 2023) and potentially lower. As of now, this is the most probable scenario as long as the 145.10 resistance level remains intact.
USD/JPY Daily Analysis Summary
In summary, the USD/JPY pair shows a continuing decline from 145.10, with the intraday bias towards the downside, targeting the support at 137.94. A decisive break through this level would confirm a larger bearish trend. On the flip side, breaking above 142.10 would neutralize the intraday outlook, possibly leading to temporary consolidations before another fall.
Key takeaways
- USD/JPY’s daily analysis points to a continued fall from 145.10, with a target at the support level of 137.94.
- A decisive break below 137.94 would validate a larger bearish trend.
- The larger scale points towards a third phase of the corrective pattern from 151.97 (2022 high), provided the resistance at 145.10 holds.
