Currently, the USD/JPY chart is in a bearish phase but showing signs of a bullish bounce off the 1st support at 138.73, heading towards the 1st resistance at 140.92. This 1st support, acting as an overlap support, aligns with 38.20% Fibonacci retracement and 78.60% Fibonacci projection levels. If the price drops further, it may find another significant barrier at the 2nd support level of 137.73, backed by a 50% Fibonacci retracement. However, if the price reverses its course, the 1st and 2nd resistances, both identified as overlap resistances, could challenge the bullish uptrend.
