FX.co ★ Technical analysis on USDJPY for February 10th, 2023.

Yellow rectangle- support area

USDJPY is trading around 131.40. Price recently tested the yellow rectangle (support) as we expected from our previous post. Recent daily candles show the importance of the support area as each candlestick over the last three sessions had a long lower tail. Bulls do not want to see price fall below 129.82 low. Failure to hold above 129.82 will be a sign of weakness. Resistance is found at 134.80 where we also find our 2nd target.