USDJPY Wave Analysis – 13 January, 2023

• USDJPY broke support level 130.75

• Likely to fall support level 126.50

USDJPY under the bearish pressure after the earlier breakout of the support level 130.75 (which has been steadily reversing the pair from last May).

The breakout of the support level 130.75 coincided with the 50% Fibonacci correction of the previous downward impulse from December.

Given the continuation of yen gains, USDJPY can be expected to fall further toward the next support level 126.50 (previous monthly low from May).