The USD/JPY pair displays a bearish momentum after breaking below a support line, indicating a potential continuation of the downtrend towards the 1st support level. This support level at 137.94 coincides with the 50% Fibonacci projection, creating a significant zone for a possible rebound. A further decline could target the 2nd support at 135.11, aligned with the 61.80% Fibonacci retracement. These support levels are crucial areas where buying pressure may emerge.
Conversely, if the price moves upward, it may encounter resistance at 138.72, followed by the 2nd resistance level at 140.92. These overlap resistance levels could pose as barriers, potentially triggering selling pressure and impeding further upward movement.
