USDJPY Daily Analysis – August 8, 2023

USDJPY has broken above the resistance level at 142.90, indicating the potential resumption of the upside move from 138.05.

With this breakout, there is a likelihood of further rise to test the resistance at 143.88. A decisive break above this level could potentially trigger a further upside move towards the 145.00 level.

On the downside, the immediate support level is now identified at 141.50. If there is a breakdown below this level, it could bring the price back towards the 140.00 support area.

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

To summarize, the analysis suggests that USDJPY’s upside move has resumed after breaking above the resistance at 142.90. Further rise towards the resistance at 143.88 may be expected, with a potential extension towards 145.00. However, a breakdown below the immediate support at 141.50 could indicate a retracement. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.