- USD/JPY bears taking up the bate as the price stalls below the 110.50 round figure target.
- The daily and 4-hour supports are eyed as critical support at this juncture.
As per the prior analysis, USD/JPY poised for an upside extension from daily support, USD/JPY shot higher as forecasted to print a fresh daily high overnight.
Prior analysis, daily chart
''The bulls are in charge at this juncture and supported by the 10 and 20 EMA bullish divergence, horizontal structure and the 61.8% Fibonacci retracement of the prior bullish impulse.''
Live market analysis
There are prospects of a higher continuation yet with the 110.50 round number in focus.
However, there are probabilities of a correction with the 50% and 61.8% Fibonacci levels living up with prior resistance, expected to hold as support.
That being said, on the 4-hour chart, the price may only correct to the prior 4-hour resistance prior to a bulish continuation.
