#USDJPY @ 139.683 bears eye a break of 4-hour support to encourage more offers.
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- USD/JPY bears eye a break of 4-hour support to encourage more offers.
- Bears eye the weekly wick and a firmer correction beyond.
USD/JPY is under pressure as the bullish rally starts to decelerate. The bears are in the market and eye a correction that targets the trendline supports as the following will illustrate.
The weekly charts show that the price was capped last week and has since deteriorated. The wick on the last week´s candle could be filled this week as follows:
This leaves a bearish bias for the days ahead and the daily chart sees the price sandwiched between the support and the resistance line, currently.
The Bears are flexing but need to do more. On the 4-hour chart, we can see prospects of a correction of the midday London spike. A move below support to target, say, the 61.8% Fibonacci could be encouraging and motivating the bears to commit below 139.70.
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