USD/JPY Daily Analysis
The intraday bias for USD/JPY remains neutral, and there could be some more consolidations seen. However, the fall from 137.90 is likely to extend lower, and a break of 132.27 will target the 61.8% retracement of the move from 127.20 to 137.90, which is at 131.28. A sustained break at that level will pave the way to retest the 127.20 low. A break of the 137.90 resistance is needed to confirm a resumption of the rally from 127.20, otherwise, the risk will remain on the downside.
Looking at the bigger picture, the rebound from 127.20 is likely to 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 over yet. If there is a break of 127.20, it will resume this downtrend and target the 61.8% projection of the move from 151.93 to 127.20, which is from 137.90 to 122.61. This will now be the favored case as long as the 137.90 resistance holds.