USD/JPY Price Analysis: Bulls and bears butt heads at a key support juncture

USD/JPY is meeting support on the front side of the bullish trend,
If the trendline breaks, then the bears will be encouraged to move in.

Ross J Burland FXStreet

USD/JPY has been in the hands of the bulls. However, there is the possibility of a significant correction to the downside if support near 136.20 fails. 135.50 would then be eyed as the following video illustrates.

USD/JPY daily chart

The price is running into resistance as illustrated within the W-formation. This is a reversion pattern that opens risk towards the neckline and trendline support.

USD/JPY H4 chart

There is firm resistance as seen on the 4-hour chart and we are now testing support.

A break of the support and the trendline opens risk of a move to the downside as illustrated above.

USD/JPY H1 chart

From an hourly perspective, the price is meeting support but while still on the front side of the bullish trend, there will be prospects of a continuation for the sessions ahead. If, however, the trendline breaks, the bears will be encouraged to move in.

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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