USDJPY Price Analysis: Bulls attempting to break key hourly resistance structure

USDJPY bulls are testing bearish commitments below 140.80 resistance and above 139.50 support.
Bulls eye a break to 142.00 and 143.00 beyond there for the days ahead.

Ross J Burland FXStreet

USDJPY is under some slight pressure as the Asian session moves along, now printing in the red for the day so far. The price has traveled from a high of 140.49 to a low of 140.01 so far.

The US Dollar index DXY is however stabilizing after a small miss on US inflation last week that was negated by hawkish comments from some Federal Reserve officials arguing one report will not be the grounds for a pivot. The price is boxed in but a breakout could be on the cards immanently, one way or the other. The following illustrates a bullish bias so long as the trendline and horizontal support between 139.00/50 holds:

USDJPY daily chart

USDJPY H1 chart

The price is boxed in but a breakout could be on the cards with the market already through prior hourly structures and now needing to reply on bullish commitments above 139.50 for a run through 140.80 resistance that guards room to 142.00 and then 143.00:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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