USD/JPY Price Analysis: Bears looking for a daily correction from supply zone
|- USD/JPY bears stepping in at monthly resistance.
- Focus is the downside and the 4-hour structure.
USD/JPY is reaching into supply territory which leaves the focus on the downside. The following is a top-down analysis that illustrates where the next downside opportunity could arise.
Monthly chart
The price is reaching to higher highs and may have some way to go until bears will step in at overbought conditions according to RSI.
Weekly chart
That being said, the weekly chart is already overbought and the Fibonaccis have a confluence between the monthly 38.2% and weekly 50% areas.
Daily chart
The daily chart is eyeing a 38.2% Fibo with prior resistance to the left.
4-hour chart
The 4-hour conditions are not favourable until a break of the 21 moving average and prior resistance structure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.