USD/JPY Daily Outlook 05-April-23

USD/JPY Intraday Outlook and Analysis

The break of 131.80 minor support suggests that the recovery from 129.67 has already completed at 133.79. Intraday bias is back on the downside, targeting 129.67 first. A break there will resume the entire fall from 137.95 to retest the 127.25 low. On the upside, however, surpassing the 133.79 resistance will shift the bias back to the upside for another rise. Overall, an eventual downside breakout is anticipated as long as the 137.95 resistance holds.

In the broader picture, the corrective pattern from 127.25 might be extending. Nevertheless, the downtrend from 151.98 is expected to resume at a later stage. A break of 127.25 will continue this downtrend and target the 61.8% projection of 151.98 to 127.25 from 137.95 at 122.66. This remains the favored scenario as long as the 137.95 resistance holds.