USD/JPY Price Analysis: Bulls and bears battle it out at daily resistance
|- USD/JPY bulls in charge but weekly and daily resistance should be noted.
- Bears are seeking to hold the bulls off at this juncture.
The bulls are in town according to the monthly chart but the weekly chart is making for a meanwhile resistance and problematic.
The following is a top-down analysis that illustrates the market structure across the time frames and subsequent bias.
Monthly chart
The bullish bias is derived from the recent correction of the monthly bullish impulse to test the prior highs and what would be expected to be a support zone.
The price can rally to fresh highs from here.
Weekly chart
Meanwhile, the weekly resistance is a stumbling block for the bulls.
Daily chart
The daily time frame shows that the price is testing a prior support structure in an M-formaiton.
A beak of this resistance will be highly bullish.
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.