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- USD/JPY Price Analysis: Bulls are in charge and seek a break of hourly resistance
USD/JPY Price Analysis: Bulls are in charge and seek a break of hourly resistance
- USD/JPY bulls have moved in from a key area of support on the daily charts.
- The bulls are eyeing a break of a critical hourly resistance area.
USD/JPY has corrected a significant portion of the last daily bullish impulse and the bulls have moved in from a firm area of support. This raises prospects of a bullish continuation for the coming sessions and the following illustrates this from a bullish perspective on both the daily and hourly charts.
USD/JPY daily chart
The price has met a 68.2% Fibonacci retracement level which has a confluence with prior highs, reinforcing the prospects of a bullish continuation for the days ahead.
USD/JPY H1 chart
From an hourly perspective, the price is on target to break above what would be presumed to be a level of interest given how it acted as the last stop before the continuation of the sell-off. If this holds as support on initial tests, then the upside bias will remain in play.
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