FX.co ★ USDJPY technical analysis for February 14th, 2023.

Red line - horizontal resistance

USDJPY is trading around 132.50. Earlier today price briefly broke above the horizontal resistance and double top of 132.95 but got rejected. It is very important to see if bulls will remain strong and in control of the short-term trend. So far the third attempt to break the double top resistance is not successful. Recent low at 131.53 is key support and any bullish short-term scenario gets cancelled. On the other hand USDJPY remains on track of our bullish targets we mentioned yesterday specially if price breaks above 133 and stays above it.