USD/JPY Price Analysis: The bears are lurking around daily resistance, 140.50 exposed

USD/JPY has run into the 142.00 area in a 50% mean reversion of the prior bearish impulse.
USD/JPY downside could be the first port of call and that leaves 140.50 exposed.

Ross J Burland FXStreet

As per the prior analysis, USDJPY Price Analysis: Bull move in and eye 143.00 area, the pair has followed the forecasted trajectory from the trendline support and bulls continue to eye the 143 area.

USD/JPY daily chart, prior analysis

It was stated that so long as the price stays on the front side of the daily trendline, there would be prospects for a significant bullish correction in the days ahead.

The 61.8% ratio was in sight within a price imbalance area.

USDJPY update

The price has since run into the 142.00 area in a 50% mean reversion of the prior bearish impulse but has left a W-formation on the charts as follows:

The price imbalances greyed areas, are compelling areas for mitigation, and given the resistance, the downside could be the first port of call and that leaves 140.50 exposed.

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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