Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 03-MAR-2023

USD/JPY Daily Analysis

The attention remains on USD/JPY’s 38.2% retracement level of 136.64, corresponding to the range between 151.93 and 127.20. A consistent breakthrough would imply that the drop from 151.93 has ended, paving the way for further surges towards the 61.8% retracement level of 142.48. Nevertheless, a rejection at this Fibonacci level, accompanied by a breach of the 135.24 support level, would suggest that the rebound from 127.20 has terminated, with a renewed negative bias.

Regarding the broader context, the emphasis now falls on the 38.2% retracement level of 136.64 in the range from 151.93 to 127.20. A sustained breach of this level would indicate that the price movements from 151.93 in the medium term are merely a corrective pattern, thereby maintaining a bullish outlook over the long term. Conversely, if there is a rejection at 136.64, it would prolong the decline from 151.93 towards the 61.8% retracement level of 121.43, corresponding to the range between 102.58 and 151.93, at a later stage.

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