USD/JPY Price Analysis: Bulls take on daily resistance, bears seek 61.8% fibo

Bulls are taking on daily resistance and so far so good.
However, USD/JPY is overextended and due for a correction.

Ross J Burland FXStreet

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.

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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