Red lines- Fibonacci extension targets
USDJPY is trading around 134.40. The week has started positively for USDJPY as price is trading above Friday's levels. Short-term trend remains bullish as price continues making higher highs and higher lows. The recent low of 132 is key short-term support. As long as we trade above this level we continue to expect USDJPY to move towards the 2023 high of 137.92 with the potential to move even higher towards 141. So far price has made a higher low at 129.66 relative to the 127.24 low from January. As long as we see higher highs and higher lows in lower time frames we remain confident of reaching and testing 138 again.
