USD/JPY Daily Forex Analysis
The Daily Forex Analysis for the USD/JPY pair brings into focus the recent breach of the 139.78 support level, suggesting the recovery period that started from 137.26 might have reached its completion at 141.97. This shift indicates a potential reversion in the intraday bias, tilting it towards the downside, with an objective to retest the 137.26 support level. A decisive breakdown from this point would be a strong signal for a renewed downward trajectory, resuming the overall decline that originated from 145.10. Nonetheless, a robust breach of the 141.97 level could reignite the recovery that began at 137.26.
On a broader scale, our Daily Analysis reveals that the total price fluctuations from the 2022 peak of 151.97 are currently viewed as a corrective pattern. The ongoing trend suggests the second leg, which commenced its rise from 127.24, might still have some steam. However, in the event of an extended upward push, considerable resistance should be expected from the 151.97 level, effectively capping the upside potential. Importantly, a definitive break below the 137.26 support level would be a credible indication of the commencement of the third leg of the pattern, targeting the 2023 low of 127.24 and potentially lower.
USD/JPY Daily Analysis Summary
The Daily Forex Analysis indicates a potential downside for USD/JPY following the breach of 139.78 support. However, robust recovery could be in the cards if the pair manages to break past 141.97. The broader picture suggests a corrective pattern in play, with significant resistance at 151.97.
Key Points:
- A breach of 139.78 could pave the way for retesting 137.26 support in USD/JPY’s Intraday Analysis.
- Potential recovery could be initiated if USD/JPY breaches the 141.97 level.
- A broader view shows a corrective pattern with significant resistance at 151.97, suggesting possible limitations to an extended rise.
