USD/JPY Daily Analysis
The bias for USD/JPY during intraday trading remains negative, with a focus on support at 129.62. If this support level is broken, the decline that began at 137.90 will resume and test the low at 127.20. However, if the resistance level at 133.74 is surpassed, the bias will shift towards the positive for a potential increase.
Overall, the expectation is for a downside breakout as long as the resistance at 137.90 remains. In terms of the bigger picture, it appears that the corrective pattern starting from 127.20 may be continuing, but ultimately, the downtrend from 151.93 is expected to resume at a later point. If 127.20 is broken, this downtrend will resume and the target will be 122.61, which is the 61.8% projection of the decline from 151.93 to 127.20 from 137.90. As long as the resistance at 137.90 holds, this is the favored scenario.
