The USDJPY continues to decline – Analysis - 24-03-2023

The USDJPY pair settles below the bearish channel’s resistance, showing new bearish bias in attempt to move away from this resistance, reinforcing the expectations of continuing the bearish trend, reminding you that our next main target is located at 128.90.

The EMA50 continues to press negatively on the price, to add more confirmation to the continuation of the suggested negative scenario, taking into consideration that breaching 131.25 will stop the expected decline and lead the price to rise and head towards testing 133.30 areas before any new attempt to decline.

The expected trading range for today is between 129.50 support and 131.20 resistance

The expected trend for today: Bearish