Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 12-JAN-2023

USD/JPY Daily Analysis

Intraday bias in USD/JPY remains neutral at this point. On the upside, a firm break of 134.76 resistance should confirm short-term bottoming and bring a stronger rise to 138.16 cluster resistance (38.2% retracement of 151.93 to 129.49 at 138.06). However, the break of 129.49 will resume the whole decline from 151.93 instead.

In the bigger picture, a medium-term top was in place at 151.93. Sustained trading below 55 weeks EMA (now at 131.73) 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 now remain the favored case as long as the 55-day EMA (now at 137.08) holds.

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