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- USD/JPY Price Analysis: Bulls throwing in the towel, 38.2% Fibo eyed?
USD/JPY Price Analysis: Bulls throwing in the towel, 38.2% Fibo eyed?
- USD/JPY bears are moving in and eye a correction.
- The 38.2% Fibonacci is exposed to the downside.
The US Dollar edged higher forcing the Yen into submission at the start of the week at around 141.96 the highs in USD/JPY. The following is a technical analysis that illustrates the prospects of a continuation longer term to the upside but in the near-term, possibilities of a meanwhile correction.
USD/JPY monthly chart
The W-formation is shaping up on the monthly chart and there is space into the prior highs.
USD/JPY weekly chart
The weekly support line is in tact and this too leaves the bullish bias in play.
USD/JPY daily chart
The bears, however, could be about to move in which leaves the Fibonacci scale open for mitigation to the downside and move to test near-term trendline support.
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