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- USD/JPY Price Analysis: Clustered market, front side of bull trend but bears engaged
USD/JPY Price Analysis: Clustered market, front side of bull trend but bears engaged
- USD/JPY bulls need to show up ion the front side of the trendline.
- Bears target a break of structures, 133.50 and then 133.20.
U/SD/JPY is up on the day, higher by some 0.13% after popping from a low of 133.89 and rising to 134.73 so far. The bulls have been guarding the trendline support and territories above 133.50.
The following illustrates the bullish bias along the trendline and prospects of a move higher for the forthcoming week:
The 4-hour price action is seeing a test of potential support across the 134s. However, so long as the trendline holds up, the bias is bullish above the 133.50s. The greyed area is an area of price imbalance in the market that could otherwise be mitigated should the bears take back control. Below there, 133.20, the bias will flip firmly bearish.
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