FX.co ★ Technical analysis on USDJPY for July 11th, 2023.

Blue lines- Fibonacci retracement levels

USDJPY is trading around 140.40. Recently we talked about the bearish warning signals. Our previous Ichimoku cloud indicator analysis also pointed to the coming weakness and the vulnerability of price. USDJPY has already retraced 23.6% of the entire upward movement and the next target is at the 38% Fibonacci retracement at 139.24. The entire area around 139 is support, so we expect this pull back to pause or stop around 139. The RSI has still not reached oversold conditions. More downside expected in USDJPY.