FX.co ★ Technical analysis on USDJPY for February 15th, 2023.

Violet lines- Fibonacci retracement levels

USDJPY is trading around 134.15. approaching our first upside target after the break above 133. Price has broken above the double top at the 23.6% Fibonacci retracement resistance and is now heading towards the 38% Fibonacci retracement level. The 38% retracement is at 136.75. Price has now started making higher highs and higher lows. The decline from 152 is most probably complete and a retracement of the entire move has started. Support is found at last week's low around 129.80. Bulls do not want to see price below this level.