FX.co ★ Technical analysis on USDJPY for March 16th, 2023.

Black line- support trend line (broken)

Yellow rectangle- horizontal support (broken)

Blue lines- bearish channel

USDJPY remains under pressure. Price continues making lower lows and lower highs. Yesterday's high at 135.16 was a lower high and connecting it with the recent high of 137.01 we are creating a bearish channel. Price is close to breaking below yesterday's low. This would be an added sign of weakness that would imply more downside for USDJPY. As long as price is trading inside the blue downward sloping channel, we remain bearish. Resistance is at 134.10. Bulls need to break above this level and stay above it. Next major resistance is at 135.30. Previous support is now resistance.