USD/JPY Price Analysis: Bullish harami looms, with bulls targeting 131.50

SaracenMarkets | 2023-02-01 18:35

Abstract：USD/JPY remains downtrend but is about to form a bullish harami candle pattern, suggesting an upward correction on the cards. USD/JPY Price Analysis: Once it clears 129.50, it could rally towards 131. After a round of US economic data, suggesting the US Federal Reserve (Fed) could begin to hike rates in 25 bps sizes. Therefore, the Japanese Yen (JPY) strengthened, so the USD/JPY is down 0.24%. At the time of writing, the USD/JPY is trading at 129.92.

• USD/JPY remains downtrend but is about to form a bullish harami candle pattern, suggesting an upward correction on the cards.

• USD/JPY Price Analysis: Once it clears 129.50, it could rally towards 131.57 before turning neutral.

USD/JPY remains downtrend but is about to form a bullish harami candle pattern, suggesting an upward correction on the cards. USD/JPY Price Analysis: Once it clears 129.50, it could rally towards 131. After a round of US economic data, suggesting the US Federal Reserve (Fed) could begin to hike rates in 25 bps sizes. Therefore, the Japanese Yen (JPY) strengthened, so the USD/JPY is down 0.24%. At the time of writing, the USD/JPY is trading at 129.92.

USD/JPY Price Analysis: Technical outlook

The USD/JPY remains downward biased as the pair has remained below the 20-day Exponential Moving Average (EMA) at 130.60. Friday‘s price action remains contained within the boundaries of Thursday’s high and low, opening the door for a bullish harami candlestick formation, also known as an inside day, in the regular bar chart jargon. Therefore, the USD/JPY could print a leg-up before resuming its downtrend.

Hence, the USD/JPY next resistance would be 130.00, followed by the confluence of the 20-day EMA and a downslope trendline around 130.60, which, once cleared, might send the USD/JPY climbing towards the January 24 swing high at 131.11. Break above will expose the January 18 high of 131.57.

As an alternate scenario, the USD/JPY could fall towards 129.49, Januarys 27 low. Once broken, the next support would be the weekly low of 129.02, followed by the YTD low at 127.21.

USD/JPY Key Technical Levels

USD/JPY

Forex trading Forex Broker Forex Analysis Forex news

Related broker

Regulated

SaracenMarkets

Company name：SARACEN MARKETS LIMITED

Score

5.59

Website：https://www.saracenmarketslimited.com/

5-10 years | Regulated in South Africa | Derivatives Trading License (EP) | MT5 Full License

Score

5.59

Ninja Trader Review 2026: Should You Trade with This Broker?

This NinjaTrader review provides a detailed examination of NinjaTrader regulation, licensing coverage, the NinjaTrader broker profile, and overall standing based on information available on WikiFX.

Original 2026-07-02 11:58

GRD Review 2026: Should You Trade with This Broker?

This GRD review provides a detailed examination of the GRD broker, its regulatory framework, licensing coverage, GRD regulation, and overall standing based on information available on WikiFX.

Original 2026-07-02 11:55

EPFX Review 2026: Should You Trade with This Broker?

This EPFX review provides a detailed examination of the EPFX broker, its regulatory framework, licensing coverage, and overall standing based on information available on WikiFX.

Original 2026-07-02 11:51

WHITEFOREX Review 2026: I Am Not the Only Victim of Its Profit Seizure Activity; Users Say This!

This is allegedly the case for most traders at WHITEFOREX, a Saint Lucia-based brokerage entity, as we look at real user reviews on broker investigation platforms such as WikiFX. Regardless of the profit seizure amount, whether it's $100 or $5,000, traders have expressed their utter frustration over this suspicious trading activity by the broker. Other complaints, such as poor customer support service, further add to traders’ woes. In this WHITEFOREX review 2026, we have investigated reported cases against the brokerage firm.

Original 2026-07-01 20:06