• USDJPY is in the green today after an aggressive drop

• The bulls are trying to achieve a small win by reclaiming 144.99

• Momentum indicators highlight the uniqueness of the bearish move

In the meantime, the momentum indicators highlight the magnitude of the bearish move. More specifically, the RSI crashed below its midpoint, and it is trading at a multi-year low. Similarly, the stochastic oscillator is hovering at the lower end of its oversold (OS) territory, confirming the strong bearish pressure. Interestingly, the Average Directional Movement Index (ADX) appears unimpressed by the recent move as it is edging higher, above its 25 threshold, and pointing to a decent bearish trend in USDJPY.

Should the bears remain confident, they could try to keep USDJPY below the 144.99 level and then gradually stage another sell-off towards the 61.8% Fibonacci retracement of the October 21, 2022 - January 16, 2023 downtrend at 142.49. If successful, they could then record a new 2024 low and test the support set by the busier 139.38-139.58 region, which is populated by the 50% Fibonacci retracement and the July 14, 2022 high.

On the flip side, the bulls are desperate for a small recovery above the September 7, 2022 high at 144.99. They could then lead USDJPY higher towards the 146.65-147.71 area, reclaiming a small part of their recent losses. The next plausible target could be the October 3, 2023 high at 150.15.