#USDJPY @ 134.802 bulls are in the market eyeing a test of 135.00.
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- USD/JPY bulls are in the market eyeing a test of 135.00.
- The weekly and lower time frames offer compelling technical features on the charts.
USD/JPY is testing resistance and staying on the bid in Tokyo at 134.85, up from a low of 134.59 having printed a high of 134.97.
The following illustrates the meanwhile upside bias vs a longer-term downside bias.
The bearish pennant and bearish ascending triangle are compelling themes on the weekly charts.
Zooming in, we can see a W-formation is taking shape and there are prospects of a move higher still before a move into the support area and neckline of the pattern.
The bullish scenario, above, sees the prospects of a break of the micro trendline and a move to test the low 134s before the bulls engage again for the push higher, as per the weekly W-formation´s outlook. The bearish scenario, below, highlights the chances of a breakdown into the broader trendline support.
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