01.02.202317:58 Forex Analysis & Reviews: USDJPY under pressure before FOMC, on February 1st, 2023.

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Red lines- bearish channel

Blue line- support trend line

USDJPY remains technically in a bearish trend as price is still inside the medium-term downward sloping channel. Price recently broke the short-term support trend line at 129.75 and has provided us with another sign of weakness. Price managed to make a short-term exit out of the bearish channel but bulls are not strong enough to break above the resistance of 131. Yesterday's price action confirms the importance of the resistance by the upper channel boundary and the horizontal resistance at 131-131.50. Breaking below the blue support trend line could lead to new lows for USDJPY towards 126. Trend remains bearish as long as price is below 131-131.50.

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