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.

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. 

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