#USDJPY @ 133.564 bears are in the market front side of the bearish trend.
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- USD/JPY bears are in the market front side of the bearish trend.
- Bears are a meanwhile extension to the downside.
- Bulls are lurking on longer-term time frames.
As per the prior analysis, USD/JPY bears carving out a bias front side of bearish trend, the market remains in the hands of the bears, for the meantime, as the following analysis will illustrate.
The key notes for the near-term outlook are as follows:
Zooming in on the weekly chart, we can see that a W-formation is taking shape with the potential for the correction to run deeper into the Fibonacci scale. The 38.2% ratio has already been met where trendline support meets the lows, so a bullish impulse could take shape from this point. However, monitoring for a deeper more to the 50% mean reversion could offer the patient bulls a discount.
We have the head and shoulders formed with the price on the back side of the prior rising trendline support that is now expected to act as a counter-trendline. We also have seen a break of the 4-hour structure and a correction into the bearish trendline resistance meeting the 38.2% ratio. Bears could engage here which would possibly result in a downside continuation with 132.80 eyed.
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