USD/JPY Daily Analysis
Currently, the USD/JPY pair continues to show a bearish intraday bias. The ongoing decline from 137.90 is expected to lead to a target of 131.28, which represents the 61.8% retracement level of the upswing from 127.20 to 137.90. If this support is breached, it could pave the way for a retest of the 127.20 low. Conversely, if the minor resistance at 134.68 is surpassed, the intraday bias will turn neutral.
Looking at the bigger picture, the rebound from 127.20 appears to have concluded at 137.90 as a corrective move, marked by a strong break of the 55-day EMA. The downtrend from the 2022 high of 151.93 is expected to continue, and a break of the 127.20 low would trigger a resumption of this downtrend. This would lead to a target of 122.61, which represents the 61.8% projection level of the upswing from 127.20 to 137.90, as long as the 137.90 resistance level remains intact.