USDJPY H4: Bearish outlook seen, further downside below 137.50
On the H4 time frame, prices are facing bearish pressure from the resistance zone at 137.50 which lines up with the 78.6% Fibonacci retracement level. We could see a reversal below the 137.50 resistance zone to our support zone at 135.50 which is also the graphical support zone and 38.2% Fibonacci retracement. Stochastics is testing resistance as well supporting the bearish bias.
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