USD/JPY Price Analysis: Bears seek out a significant retracement
|- USD/JPY monthly impulse on the verge of a reversal.
- The timeline confluence of Fibonaccis is compelling to the downside.
USD/JPY bears could be about to break up the bull's relentless run on the longer-term time frames and the following top-down analysis illustrates where the downside target could come in.
Monthly chart
There has been a series of uninterrupted monthly gains and a correction could be on the cards.
The 38.2% Fibonacci level meets prior resistance.
Weekly chart
We have a confluence of the monthly and weekly Fibos while resistance caps the weekly advance.
Daily chart
The confluence of the Fibonacci levels is compelling, reinforcing the downside target that meets prior daily structure.
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