Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 27-DEC-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays neutral at this point. The immediate focus remains on 55 weeks EMA (now at 131.78). A decisive break will pave the way to the next Fibonacci level at 121.43. On the upside, above 133.61 support turned resistance will turn intraday bias back to the upside for 138.16 resistance.

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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