FX.co ★ Technical analysis on USDJPY for March 8th, 2023.

Black line- support trend line

Yellow rectangle- horizontal support

USDJPY made new higher highs after the pull back towards the horizontal support and the trend line support. So far bulls have managed to defend the 135.30 support area. Price continues making higher highs and higher lows. Short-term trend remains bullish as long as price respects the yellow rectangle and the black upward trend line. Price made a strong pull back today but bulls stepped in fast and pushed price back near the open levels. Forming a higher low is a bullish sign, specially if combined with a new higher high.