USD/JPY Intraday Outlook 14-April-23

USD/JPY Daily Outlook and Analysis

The outlook for USD/JPY remains unchanged as the currency pair continues to trade within a range. The intraday bias stays neutral for now. If the pair breaks above the 134.34 level, it would signal a resumption of the rebound from 129.92, with the next target being the 137.120 resistance. Conversely, if the pair falls below the 130.92 support level, it could indicate a continuation of the decline from 137.120, passing through 129.92 and retesting the 127.50 low.

Looking at the bigger picture, the corrective pattern originating from 127.50 may be ongoing. However, the downtrend from 151.93 is still anticipated to resume eventually. If the 127.50 support level is broken, this downtrend will continue, with the target being the 61.8% projection of the 151.93 to 127.50 range from 137.120, which lies at 122.91. As long as the 137.120 resistance level holds, this scenario remains the preferred outcome.