USD/JPY Price Analysis: Bulls take charge towards daily resistance

The yen is under pressure vs the greenback with bulls pressing ahead.
The bulls are targeting a break of daily resistance for a monthly upside continuation.

Ross J Burland FXStreet

USD/JPY is on the verge of an upside continuation having pulled back to expected daily support.

The following is an illustration of how the time frames are coinciding with a bullish bias.

The monthly chart offers a bullish bias and the lower time frames will offer further conviction as follows:

Weekly chart

There are a few resistance layers for the price to cross.

Daily chart

The daily chart has completed its range of downside potential according to the retracement o that enose of the W-formation.

The 38.2% Fibonacci is now acting as support.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.