USD/JPY Price Analysis: Bears are lurking for a downside extension

USD/JPY bulls are struggling at a critical resistance zone.
Bears seek a break of meanwhile supporting structure of weekly bearish leg.

Ross J Burland FXStreet

From a weekly perspective, the bears are seeking a downside extension from an area of resistance and a 50% mean reversion of the prior bearish impulse as follows ...

Weekly chart

The price rallied to meeting a prior area of resistance where it would be expected to act as resistance again.

From a daily perspective, there is a support structure that needs to be taken into account.

From a 4-hour perspective, this is more evident as follows:

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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