Bearish outlook on USDJPY: 10th January

Prices are facing bearish pressure from the resistance zone at 132.50 on the H4 time frame, which coincides with the 61.8% Fibonacci retracement where we could see limited downside to our support zone at 131.50. Failure to hold below the resistance zone at 132.50 could see prices push higher to test the next resistance zone at 133.00, in line with the 50% Fibonacci retracement.