Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 20-DEC-2022

USD/JPY Daily Analysis

USD/JPY’s decline from 151.93 resumed by breaking through 133.61 support, and intraday bias is back on the downside. The immediate focus is now on 55 weeks EMA (now at 131.76). A decisive break will pave the way to the next Fibonacci level at 121.43. For now, risk will stay on the downside as long as the 138.16 resistance holds in case of recovery.

In the bigger picture, price actions from 151.93 medium term could be a corrective pattern to an up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55-week EMA (now at 131.76) will set the range for such a corrective pattern. However, a sustained break of 55 weeks EMA will pave the way to a 61.8% retracement at 121.43.


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