FX.co ★ Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Tuesday January 31, 2023

On the 4-hour chart, the main USD/JPY currency pair, although seen moving downward in the channel, which indicates that the bias is in a bearish condition. It appears that hidden deviations have emerged between price movements and the Stochastic Oscillator indicator, which confirms that there is a upward upward rally correction movement. where the 131.58 level is the main target that will be tested in the near future by USD/JPY but with the appearance of the Bearish Continuation Rising Wedge pattern and Stochastic Oscillator conditions that have touched the Overbought level region, it is necessary to consider the potential for USD/JPY to return to its initial bias (Bearish). where if the level of 129.03 is successfully broken down then it is very likely that the bullish rally correction scenario described previously will become invalid if the level of 129.03 is successfully broken down.

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