USDJPY Might Retrace? 23.03.2023

2023년 3월 23일

Since the USDJPY pair has moved below the 30 period MA there is a good chance for retracement.

However there is a resistance that might cause trouble at 131 level.

Finding evidence that this level has broken indeed, the pair is estimated to move upwards as indicated by the arrow
towards the Fibo retracement level (61.8% of the move backwards).

Alternative scenario:

The pair breaks the 130.5 support level and moves further down towards 130.

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