- 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,
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