Blue line -support
Blue rectangle- target if support fails to hold
USDJPY is trading around 134.93. Price is again near its 2022 highs. The chances of a major reversal and pull back towards 130 remain high. Today however we will focus on a short-term pull back that might be triggered soon. After a sharp rise from 131.47 towards 135.35, price is moving sideways over the last couple of days. Support is at 134.50. Failure to hold above this support will be a bearish signal. If the break down occurs, we should then expect USDJPY price to move towards the blue rectangle target area.
