USDJPY Price Analysis: Bears testing prior day's lows., bulls holding the fort

The Yen is trying to make fresh highs but the USJPY bulls are holding the fort.
USDJPY has made a fresh 3-day low while the US Dollar struggles at key trendline support.

Ross J Burland FXStreet

USDJPY is trying to hold on to the lows of the day from Tuesday following the US Dollar that sold off, extending the losses that started to take shape on Friday. The yen has picked up a bid in line with a general risk-on mood in the past few sessions as the greenback falls below a key support line on the daily charts.

Tuesday was the third day of longs for the yen in the market since last week and the bears are making fresh lows in Asia, which are so far being rejected by the bulls, however. Bulls could be on the lookout for a move to counter the trend into in-the-money-longs as the following will illustrate.

DXY daily chart

The price of the US Dollar, as per the DXY index, is taking on critical trendline support and structure with little signs of a let-up, so far. However, if the price drops below the mark, then the yen will stand to benefit as follows:

USDJPY daily and H1 charts

The price is embarking on a breakout and 145.30 is key for a daily close below.

The price is moving in on resistance and a rejection could spell trouble for the bulls as 145.00/20 will be vulnerable.

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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