Detailed FX Market Outlook and Analysis

USD/JPY Daily Analysis 29-DEC-2022

USD/JPY Daily Analysis

Intraday bias in USD/JPY stays mildly on the upside. Rebound from 130.55 short-term bottoms would reach 38.2% retracement of 151.93 to 130.55 at 138.71 first. On the downside, however, the break of 132.62 minor support will bring a retest of 130.55 instead.

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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