The bears are targeting trendline support as USDJPY is currently at 141.365.
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- USD/JPY bears eye a run towards trendline support.
The US Dollar index moved up on Tuesday and sank the Yen as investors weighed the US interest rate outlook ahead of Federal Reserve Chair Jerome Powell’s congressional testimony. US Treasury yields also eased but USD/JPY fell to 141.21 from a high of 142.25 nonetheless. The following illustrates that there is further downside potential in the correction as anticipated in prior analysis, USD/JPY Price Analysis: Bulls throwing in the towel, 38.2% Fibo eyed?,
The bears were anticipated to move in which left the Fibonacci scale open for mitigation to the downside and move to test near-term trendline support.
Bulls are yet to be seen which leaves scope for further downside with the 38.2% Fibonacci still in tact and vulnerable to a test, exposing 141 the figure for the day ahead.
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