USD/JPY Price Analysis: Bears seek a deeper 61.8% Fibo correction

USD/JPY bears are in control for prospects of a deeper correction.
Bulls may step in here at the hourly support prior to the next bearish impulse.

Ross J Burland FXStreet

As per the prior analysis, USD/JPY Price Analysis: Bulls take on daily resistance, bears seek 61.8% Fibo, the bears are taking the pair lower and there are prospects of a deeper correction still.

Prior analysis, daily chart

''USD/JPY has been on a one-way street in the last few days and has penetrated a critical daily structure, albeit without much conviction''.

''There is the risk of a test to the 38.2% Fibonacci, but below there, the bears will look for a run all the way back to test bullish commitments at the confluence of the 21-day EMA, prior resistance and a 61.8% Fibonacci retracement.''

Live market analysis, daily and hourly charts

There is room for a deeper correction to test the prior resistance that would be expected to act as support.

From an hourly perspective, there are prospects of a correction to old support prior to a bearish continuation:

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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