- USD/JPY bears are in control for prospects of a deeper correction.
- Bulls may step in here at the hourly support prior to the next bearish impulse.
As per the prior analysis, USD/JPY Price Analysis: Bulls take on daily resistance, bears seek 61.8% Fibo, the bears are taking the pair lower and there are prospects of a deeper correction still.
Prior analysis, daily chart
''USD/JPY has been on a one-way street in the last few days and has penetrated a critical daily structure, albeit without much conviction''.
''There is the risk of a test to the 38.2% Fibonacci, but below there, the bears will look for a run all the way back to test bullish commitments at the confluence of the 21-day EMA, prior resistance and a 61.8% Fibonacci retracement.''
Live market analysis, daily and hourly charts
There is room for a deeper correction to test the prior resistance that would be expected to act as support.
From an hourly perspective, there are prospects of a correction to old support prior to a bearish continuation:
