FX.co ★ USDJPY, H4 | Falling to 1st support?

The USD/JPY chart displays a bearish momentum, with a potential bearish reaction likely at the 1st resistance level of 142.27, which coincides with a pullback resistance at the 61.80% Fibonacci retracement. If the price moves downward, the 1st support at 137.98 becomes significant as it aligns with an overlap support, the 50% Fibonacci retracement, and the 100% Fibonacci projection, indicating a Fibonacci confluence. Further support may be found at the 2nd support level of 134.57, another overlap support. On the upside, the 2nd resistance at 145.00 acts as a swing high resistance. These support and resistance levels are crucial in determining the potential movement of the price.