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- USD/JPY Price Analysis: Bulls and bears butt heads at a key support juncture
USD/JPY Price Analysis: Bulls and bears butt heads at a key support juncture
- USD/JPY is meeting support on the front side of the bullish trend,
- If the trendline breaks, then the bears will be encouraged to move in.
USD/JPY has been in the hands of the bulls. However, there is the possibility of a significant correction to the downside if support near 136.20 fails. 135.50 would then be eyed as the following video illustrates.
USD/JPY daily chart
The price is running into resistance as illustrated within the W-formation. This is a reversion pattern that opens risk towards the neckline and trendline support.
USD/JPY H4 chart
There is firm resistance as seen on the 4-hour chart and we are now testing support.
A break of the support and the trendline opens risk of a move to the downside as illustrated above.
USD/JPY H1 chart
From an hourly perspective, the price is meeting support but while still on the front side of the bullish trend, there will be prospects of a continuation for the sessions ahead. If, however, the trendline breaks, the bears will be encouraged to move in.
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