Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 19-April-2023

USD/JPY Daily Analysis

To add further context, the USD/JPY pair has been displaying a bullish trend with the rally from 129.62 continuing after brief consolidations. This suggests that buyers are dominating the market, pushing the price higher towards the resistance level at 137.90. However, if the minor support at 133.85 is breached, it would cause the intraday bias to become neutral, although the overall bullish outlook will remain as long as the support level at 132.03 holds.

When viewed in the larger picture, the corrective pattern from 127.20 is still unfolding. Yet, the downtrend from 151.93 is expected to resume at a later stage. In the event that the price breaks below the 127.20 level, the bearish trend is likely to resume and the price will move towards the 61.8% projection of the move from 151.93 to 127.20 from 137.90 at 122.61. This bearish scenario remains favorable as long as the resistance level at 137.90 holds. Therefore, traders and investors should monitor the price movements carefully to identify potential trading opportunities and adjust their positions accordingly.

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