USD/JPY Price Analysis: Bulls emerge from behind the hourly trendline
|- USD/JPY bears are in control as the price corrects the daily bullish impulse.
- The bulls are taking on the trendline resistance on the lower time frames.
USD/JPY has scored fresh highs in the latest bullish impulse within the bull cycle. However, a correction is taking place and the following illustrates the prospects of a deeper move prior to a move back to the upside in the coming week.
USD/JPY daily chart
USD/JPY is in the hands of the bears in a correction of the latest bullish impulse on the daily chart.
Zoomed in, the price is en route to a key area of support on the Fibonacci scale
USD/JPY H1 charts
We have a reversion taking place on the hourly chart as the bulls attempt to move out beyond the trendline resistance.
Zoomed in, the W formation's neckline aligns with the 61.8% Fibonacci of the bullish impulse which has pierced the trendline resistance.
USD/JPY 5-min chart
On the 5-min chart, the price has rallied into the order block area which could be the last stop before a move lower into 68.2% Fibonacci,
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.