Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 17-April-2023

USD/JPY Daily Analysis

The breach of 130.04 suggests that the rebound of USD/JPY from 129.26 is resuming, with the intraday bias now back on the upside for a rally towards the 137.90 resistance. As long as the support at 132.03 holds in case of retreat, the further rise will remain in favor.

Looking at the bigger picture, the corrective pattern from 127.20 may be extending, but the downtrend from 151.93 is expected to resume at a later stage. If the price breaks below 127.20, the downtrend will resume and target the 61.8% Fibonacci retracement level.

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