Could this be the beginning of the reversal for the USDJPY?
The USDJPY had seen a significant downside, most recently reversing from the 134.50 price level toward the end of the year in 2022.
Early in the trading session today, the USDJPY slid to reach the 129.50 price level. However, the move lower was quickly reversed with the renewed strength of the DXY. The price climbed to retest the 131.15 price level (and the 38.20% fib level).
If the DXY continues to strengthen, further upside could be expected on the USDJPY, with the next immediate resistance level at the 132.70 price level (also formed by the 61.80% fib level) and the key resistance level at 134.45, the previous swing high.
The USDJPY had seen a significant downside, most recently reversing from the 134.50 price level toward the end of the year in 2022.
Early in the trading session today, the USDJPY slid to reach the 129.50 price level. However, the move lower was quickly reversed with the renewed strength of the DXY. The price climbed to retest the 131.15 price level (and the 38.20% fib level).
If the DXY continues to strengthen, further upside could be expected on the USDJPY, with the next immediate resistance level at the 132.70 price level (also formed by the 61.80% fib level) and the key resistance level at 134.45, the previous swing high.
