USD/JPY Price Analysis: Bears on the look out for a break to 132.50 USDJPY Technical Analysis
The US Dollar was a touch lower in Friday's US session and the Yen touched a high of 134.05 in New York around the closing bell in a move that could be the foundation for a continuation on Monday. The following illustrates a bearish bias based on the W-formation on the daily chart:The W-formation is a reversion pattern and in this particular case, we have seen solid resistance at a round number and ongoing pressures into 134.
However, while on the front side of the trend, the bias remains broadly with the bulls and should the bulls either commit from here or lower down, a continuation would initially target 135.50/137.20:Bears will need to break 133.70 structure which is all that is left to do now that they are on the backside of the hourly bullish trend.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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