USD/JPY Price Analysis: Bulls on course for a 129.50 target
|- USD/JPY is gathering momentum after a test of the structure around 128.80.
- The 38.2% Fibonacci is a first target near 129.50 with 131.20's eyed thereafter.
As per the prior analysis, USD/JPY bulls move in and eye a correction towards 129.50, USD/JPY has indeed corrected higher and remains in the hands of the bulls as we enter the rollover and early hours of the Asian session.
As previously explained, there were prospects of a reversion into the M-formation\s bearish impulse on the prior leg:
USD/JPY update
USD/JPY H1 chart
We are seeing this correction get underway and bulls will now be looking for a bullish structure to lean against in aiming for a reversion of sorts as follows:
As illustrated, the price is on the backside of the trend and a breakout to the upside is gathering momentum after a test of the structure around 128.80. The 38.2% Fibonacci is a first target near 129.50 with 131.20's eyed thereafter.
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.