USD/JPY – USD Continues to Drift Against Yen

My FX List
January 5, 2023

Entry – 129.87

Stop Loss – 128.13

Take Profit – 132.27

Support Level – 128.60

Resistance Level – 130.50

USD/JPY is facing strong negative pressure in past sessions to return to the bearish channel and it begins trading with another downfall to break the 130 barriers, thus making way to keep the bearish bias on a short-term basis and intraday. This will further make the bearish trend dominant in the sessions to come.

On the downside, USD/JPY may hit 128.90 followed by 127.85 levels. A downfall is projected at EMA50, which would continue to remain valid unless there is a breakout in the price. If the price holds above 130.55, then the pair can go further up and test the 132.35 level before showing any bearish move. The trading range today is going to be between 128.60 and 130.50 levels. If the price of USD/JPY goes above 130.50, then it will enter a bullish trend.

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