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USD/JPY Daily Analysis 08-DEC-2022

USD/JPY Daily Analysis

With 135.95 minor support intact, USD/JPY’s rise from 133.61 short-term bottoms is in progress and should target 55 days EMA (now at 141.20). However, the break of 135.95 minor support will turn bias back to the downside for retesting the 133.61 low instead.

In the bigger picture, a medium-term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It’s too early to call for a bearish trend reversal. But even as a corrective move, such a decline should target a 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55-week EMA (now at 131.33). Some support should be seen around this zone to bring a rebound. However, a sustained break of 55 weeks EMA will pave the way to a 61.8% retracement at 121.43.

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