Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 09-FEB-2023

USD/JPY Daily Analysis

At the moment, the intraday bias for USD/JPY remains neutral. There’s a slight possibility of the currency pair continuing its upward movement. A rise above 132.89 would confirm a rebound from the 127.20 low, potentially leading to a retest of the 38.2% retracement level of 136.64. However, if it falls below the 4-hour 55 exponential moving average (currently at 130.65), the 127.20 low may be retested.

In the broader picture, the placement of the 55-week exponential moving average (currently at 131.39) raises the possibility of a medium-term bearish reversal, although this has not yet been confirmed. If the currency pair experiences a strong rebound from its current level, followed by a sustained break above 136.64, it would suggest that the downward movement from 151.93 was simply a corrective pattern. On the other hand, if it is rejected at 136.64, it would solidify the medium-term bearish trend, potentially leading to a retest of the 61.8% retracement level at 121.43 or the 38.2% retracement level at 122.75.

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