FX.co ★ Technical Analysis of Weekly Price Movement of USD/JPY Main Currency Pairs, Wednesday March 15, 2023.

There is a few interesting things on the weekly chart USD/JPY main currency pairs:

1. The appearance of Head & Shoulders bearish pattern (Yellow Circle).

2. Followed by the appearance of Bearish Diamond pattern. (Brown Circle).

3. Stochastic Oscillator Indicator has return downside below the level 80 (Overbought).

Based on the three things above then it can concluded if on two weaks ahead USD has the potential to weak against Yen where leel 127,23 will be the target which will soon be tested and if this level is successfully penetrated and there is no upward correction that exceeds the 137.92 level then USD/JPY has the potential to fall to the 122.90 level as the main target and the 113.62 level as the next target if the momentum and volatility are supported.

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