Short

USDJPY Bearish reversal towards the 1W MA50

The USDJPY pair eventually took the bearish path last time we made a trading plan (November 28 2023, see chart below) and hit the 143.550 Target:

USDJPY Bullish above the 1D MA100, bearish below it.

The price has now made a short-term (at least) top as the 1D RSI got rejected near the 70.00 Overbought barrier. As a result we are expecting a reversal towards at least the 1W MA5 (red trend-line), which has been the long-term Support as it formed the bottoms (and subsequent rebounds) of December 28 and July 14 2023. As a result our Target is 143.000, even though the downtrend may very well extend as low as the Higher Lows trend-line.

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