Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 05-JAN-2023

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays neutral, and the outlook remains bearish as long as the 134.49 resistance holds. On the downside, a firm break of 61.8% projection of 148.44 to 133.61 from 138.16 at 128.99 could trigger downside acceleration to a 100% projection of 123.33. Nevertheless, the break of 134.49 will turn bias to the upside for 138.16 resistance intact.

In the bigger picture, a medium-term top was in place at 151.93. Sustained trading below 55 weeks EMA (now at 131.65) would raise the chance of a bearish trend reversal. A deeper fall would be seen to a 61.8% retracement of 102.58 to 151.93 at 121.43. This will remain the favored case as long as the 55-day EMA (now at 137.54) holds.


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