Technical analysis of USD/JPY 05/12/2022
The USD/JPY currency pair, after a long rise in an uptrend, found resistance at 131.36, from which it began a correction. The pair corrected to 128.53 and is currently trading around 128.00.
If the price breaks the nearest support level 127.40 (23.6% Fibo), this will mean a continuation of the downward correction to the next support level around 125.00 (38.2% Fibo).
If the price goes above the high of 131.36, this will mean the cancellation of the downward correction and the development of an uptrend.
Created by Joshua Hayn