Thu, Mar 23, 2023 @ 17:25 GMT

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 133.80; (P) 135.39; (R1) 136.67; More…

USD/JPY’s decline from 137.90 accelerates to as low as 132.74 so far today. Intraday bias bias remains on the downside for 61.8% retracement of 127.20 to 137.90 at 131.28. Sustained break there will pave the way to retest 127.20 low. On the upside, above 134.68 minor resistance will turn intraday bias neutral first.

In the bigger picture, rebound from 127.20 should have completed at 137.90 as a corrective move, with strong break of 55 day EMA. The down trend from 151.93 (2022 high) is not over yet. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

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