The USD/JPY chart currently has a bearish momentum with the potential for a bearish reaction off the 1st resistance, leading to a drop to the 1st support.
The 1st support level is located at 133.720, which is an overlap support and coincides with a 78.60% Fibonacci projection. This level has demonstrated to provide strong support for the price in previous instances.
The 2nd support level is located at 132.360, which is a multi-swing low support and coincides with a 61.80% Fibonacci projection. This level has also shown to provide a strong support zone for the price in the past.
The 1st resistance level is located at 134.730, which is a swing high resistance and coincides with a 61.80% Fibonacci retracement. This level has shown to provide strong resistance to price in the past.
Furthermore, there is a 2nd resistance level at 137.070, which is an overlap resistance that has been tested numerous times in the past and has been proven to provide a strong resistance zone for price.
