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The USDJPY exchange rate experienced a notable decline yesterday, falling well below the anticipated target of 151.10 to reach the 61.8% Fibonacci retracement level at 148.53. This drop suggests a potential continuation of the downtrend, with forecasts indicating a possible break below this level and further declines towards 146.50 and 145.35.
The presence of the EMA50 indicator reinforces the bearish outlook, indicating that the downward pressure may persist in the near term. However, a rise above 151.10 could reverse the current downtrend, triggering potential recovery efforts on both an intraday and short-term basis.
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For today, the USDJPY is expected to trade within a range of 148.80 as support and 150.50 as resistance.
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