USD/JPY Daily Analysis 23.01

Current level at 10:34 CET is 106.16, trading below the daily pivot point level of 106.42. Falling daily DI- values suggest that the downside momentum is subsiding. The daily picture, however remains bearish with falling Bollinger and standard error bands and with Bollinger bandwidth contracting. Only a convincing break of the 105.60 level will mean that the bear trend has accumulated fresh energy. Further downside targets are 101.33 and 95.90. Pivot point related resistance levels for today are at 107.23 and then 107.84. Support levels are to be encountered at 105.80 and the 1.0500.

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