USD/JPY Price Analysis: Bears eye a break of key lower timeframe structures
|- USD/JPY offers a compelling bearish playbook on a 15-minute chart and a break of 144.56 could be on the cards.
- The daily chart's broadening formation is a bullish feature.
for the immediate future. This could open up a dominos effect with 144.05 next in line.
USD/JPY bulls have taken the price towards the 145 area as the US dollar continues to attract a bid. On a longer-term basis, the price is technically bullish as per the following analysis pom the daily time frame. However, should the bulls fail to break higher immediately, there is going to be a significant risk of a strong correction to the downside in the coming sessions.
USD/JPY daily chart
The broadening formation is bullish at this juncture but 147.00 or there abouts could be the most we will see from any upside extension. The first hurdle will be a break of the recent daily highs near 145.90.
USD/JPY M15 chart
The lower time frame structures are highlighted above on the 15-minute chart and a break of 144.56 could be on the cards for the immediate future. This could open up a dominos effect with 144.05 next in line.
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.