The USD/JPY pair is exhibiting bearish momentum as it remains within a descending channel, indicating a potential for further price decline. This is compounded by the fact that the price is below a significant descending trend line, adding to the bearish outlook.
The 1st support is at 132.2100 and is a multi-swing low support that also aligns with a 61.80% Fibonacci retracement. If the price falls below this level, it could potentially drop towards the 2nd support at 130.5400, which is an overlap support and coincides with a 78.60% Fibonacci retracement.
Conversely, the 1st resistance is at 133.7200, which is an overlap resistance level. If the price breaks above this level, it may potentially rise towards the 2nd resistance at 135.1100, which is a multi-swing high resistance level.
It's important to note that the overall momentum of the USD/JPY chart is bearish, and there is a potential for the price to continue declining based on its current momentum and chart patterns.
