USD/JPY Analysis
The ongoing descent of USD/JPY remains underway, sustaining a prevailing intraday bias on the downside. The current downtrend, originating from 151.89, is poised to target the subsequent Fibonacci level at 136.63. Any potential upside momentum would encounter neutrality upon surpassing the minor resistance of 142.91, yet any recovery is expected to be constrained below the 146.58 resistance, instigating another downward trajectory.
The present decline from 151.89 is identified as the third leg within the corrective pattern that commenced from 151.93 (the high of 2022). A more substantial decline is anticipated, directing toward the 61.8% retracement level at 136.63, with a decisive breach paving the path to the 127.20 support (2022 low). This outlook remains valid as long as the 146.58 resistance remains intact.
Analysis Summary
USD/JPY’s ongoing descent, stemming from 151.89, maintains a downside bias. The corrective pattern from the 2022 high suggests a potential decline to the 136.63 level. The broader perspective envisions a sustained fall to the 127.20 support, with a critical resistance at 146.58.
Key Points
- Intraday bias favors continued downside, targeting the Fibonacci level at 136.63.
- Potential neutralization of intraday bias above minor resistance at 142.91.
- A broader picture indicates a third leg of a corrective pattern, with a deeper decline towards 136.63 likely.
