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.

Ross J Burland FXStreet

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.

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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