USD/JPY Daily Analysis
The intraday bias for USD/JPY is currently neutral, with the resistance at 132.99 still intact, indicating a bearish outlook. If the support at 129.62 is broken, the price may reach the low at 127.20. A decisive break below this level will lead to a larger decline from 151.93. However, a firm breakthrough at 132.99 would suggest that the fall from 137.90 has ended and shift the bias back to the upside towards 137.90.
In the bigger picture, the rebound from 127.20 is considered a corrective move and may have ended at 137.90. The downtrend from 151.93 (2022 high) is still in progress, and breaking the support at 127.20 would resume this downtrend. The target for this decline would be at the 61.8% projection of 151.93 to 127.20 from 137.90, which is at 122.61. This scenario will continue to be favored as long as the resistance at 137.90 holds.