USD/JPY Price Analysis: Bears are lurking within a strong bullish trend – by fx_ross USDJPY Technical Analysis
has corrected from the lower quarter of the 130 area in a determined two-day rally to a 50% mean reversion of the prior bearish impulse. From here, should the bulls commit, the price could be attracted to a higher volume area on the chart where there is a price imbalance aligning with the 61.8% and 78.6%However, USDJPY's four-hour chart has left behind a W-formation following the recent bullish correction. This is a reversion pattern that would be expected to see a pullback in due course.
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