USD/JPY Price Analysis: Bears On The Lookout For A Break To 132.50
A 50% mean reversion could be in play for the opening range over the coming sessions and the next couple of days to test prior resistance near 132.50. However, while on the front side of the trend, the bias remains broadly with the bulls.
The US Dollar was a touch lower in Friday's US session and the Yen touched a high of 134.05 in New York around the closing bell in a move that could be the foundation for a continuation on Monday. The following illustrates a bearish bias based on the W-formation on the daily chart:
USD/JPY daily chart
The W-formation is a reversion pattern and in this particular case, we have seen solid resistance at a round number and ongoing pressures into 134.00:
A 50% mean reversion could be in play for the opening range over the coming sessions and the next couple of days to test prior resistance near 132.50. However, while on the front side of the trend, the bias remains broadly with the bulls and should the bulls either commit from here or lower down, a continuation would initially target 135.50/137.20:
USD/JPY H1 chart
Bears will need to break 133.70 structure which is all that is left to do now that they are on the backside of the hourly bullish trend.
More By This Author:
EUR/JPY Price Analysis: Subdued Around 143.40, As Bulls Prepare For An Assault To 145.00USD/CAD Refreshes YTD Peak, Surpasses 1.3500 Amid Siding Oil Prices And Stronger USD
AUD/USD Price Analysis: Bears And Bulls About To Standoff At Key 0.6850s
Disclaimer: 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 ...
more
Comments
