(This is not a signal or a trading idea just an analysis)
What Is Next for USD/JPY ?
The Yen is in a clear upward movement since Jan 2021 where higher highs and lows have been posted. In mid July 2022, the price posted a deep correction to the 61.80 % Fibonacci retracement level which coincides with the strong support level around the 131. We have a strong bullish bar that was posted around this level signaling that the buyers are rejoining the uptrend. This move could lead to a move higher to push the price toward the 139 mark.