6 May 2021
USD/JPY Price Analysis: Bears are lurking for a downside extension
- USD/JPY bulls are struggling at a critical resistance zone.
- Bears seek a break of meanwhile supporting structure of weekly bearish leg.
From a weekly perspective, the bears are seeking a downside extension from an area of resistance and a 50 mean reversion of the prior bearish impulse as follows ...
Weekly chart
The price rallied to meeting a prior area of resistance where it would be expected to act as resistance again.
From a daily perspective, there is a support structure that needs to be taken into account.
From a 4-hour perspective, this is more evident as follows:
