Technical analysis on USDJPY for August 8th, 2022.

Red line -resistance

Black line- second resistance trend line

Blue lines- Fibonacci retracements

USDJPY is showing rejection signs at 135.30. Our bounce targets have been met and price is getting rejected at the first important trend line resistance. Price has retraced more than 50% of the entire decline. Price is making higher highs and higher lows. So far short-term trend is bullish but bulls need to be very cautious as there are increased chances of a rejection and a start of a new downward move. Next resistance is at 137. It can be reached if bulls manage to break above 135.30.

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