Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 11-April-2023

USD/JPY Daily Analysis

The focus remains on the 133.74 resistance level in USD/JPY. A strong break above this level would continue the rebound from 129.62, targeting the 137.90 resistance once more. However, if the rate falls below 130.62, it would signal a resumption of the decline from 137.90, passing through 129.62 and retesting the 127.20 low.

In terms of the broader outlook, the corrective pattern from 127.20 may be ongoing. Nevertheless, the downtrend from 151.93 is anticipated to resume eventually. A break below 127.20 would continue this downtrend, targeting the 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. As long as the 137.90 resistance remains intact, this scenario is considered more likely.

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