Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 15-MAR-2023

USD/JPY Daily Analysis

The USD/JPY intraday bias remains neutral at the moment. The fall from 137.90 could still extend lower, and a break of 132.27 would target the 61.8% retracement of 127.20 to 137.90 at 131.28. A break of the 137.90 resistance is needed to confirm the resumption of the rally from 127.20, otherwise, the risk will remain mildly on the downside.

Looking at the bigger picture, the rebound from 127.20 should have completed at 137.90 as a corrective move, with a strong break of the 55-day EMA. The downtrend from the 2022 high of 151.93 is not yet over. A break of 127.20 will resume this downtrend and target the 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as the 137.90 resistance holds.

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