RLinda ! USDJPY-> The national currency continues to weaken

8 Mar 2023

USDJPY breaks up after the release of the Fed data. The Japanese yen is weakening on the backdrop of a stronger dollar.

On the chart, we can see the retest of the upside resistance, a false breakout is formed and at the moment the currency pair is in the stage of a technical pullback. I assume that local bearish movement can be directed towards the support of 139.91, which is at 0.382 Fibo level, or below -136.637 - 0.5 Fibo level.

I assume that in the short term the price can continue its growth, as the fundamental factor is strong for such a period. I expect a pullback to the support and then continue the growth to 137.85

Regards R.Linda!

8 Mar 2023

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