USDJPY Daily Analysis – August 7, 2023

USDJPY has broken below the support level at 141.94, indicating that the upside move from 138.05 potentially completed at 143.88.

With this breakdown, there is a likelihood of further decline in the coming days. The next target for the pair could be around the 140.00 area.

Immediate resistance can now be found at 142.90. A break above this level would be required to indicate another potential rise towards 145.00.

Traders should closely monitor the price action and the behavior around the resistance and support levels mentioned for potential breakout or reversal signals.

In summary, the analysis suggests that USDJPY has completed its upside move at 143.88 with the breakdown below the support at 141.94. Further decline towards 140.00 can be expected. A break above the immediate resistance at 142.90 would be needed to indicate a potential reversal in the trend. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.