The USD/JPY pair attracts some dip-buying near the 130.80-130.75 region last week and builds on its steady intraday ascent through the early part of the European session. The pair, for now, seems to have stalled this week's rejection slide from the 100-day Simple Moving Average (SMA), though seems to struggle to capitalize on the momentum beyond mid-131.00s. Maintaining itself just below the DEMA200 which points towards a bearish reversal with dollar weakness. 

USD/JPY is defending further downside after dragging to near the 61.8% Fibonacci retracement (placed from March 24 low at 129.64 to April 03 high at 133.76) at 131.22 on an hourly scale. The 20-period Exponential Moving Average (EMA) at 131.30 is still acting as a barricade for the US Dollar bulls.

Meanwhile, the Relative Strength Index (RSI) (14) is making efforts in climbing into the 40.00-60.00 range.

Should the asset break above the immediate resistance of 131.50, US Dollar bulls would drive the asset towards 38.2% Fibo retracement at 132.19 followed by April 04 high at 133.17, as can be seen today from an expectation from last week. 

On the contrary, a break below April 05 low at 130.63 would drag the asset towards the round-level support of 130.00. A break below the 130.00 support would expose the asset to March 24 low at 129.64.

USD/JPY is trading below the daily EMA200 is point towards a sharp reversal on the pair, as can be seen from the previous trend of this market. Atleast for now USD/JPY will continue its third leg of the bearish correction before providing us with any indications for upside momentum. 

USDJPY can be losing its momentum below pivotal DEMA200

Apr 10 2023