#USDJPY @ 142.666 bears eye a move to the 141.50s for the day ahead.
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- USD/JPY bears eye a move to the 141.50s for the day ahead.
- The price is carving out a bearish structure on the hourly time frame but 142.50 will be key.
USD/JPY is being pressured ahead of the Tokyo open as it moves below the upper quarter level of the 142 area. The bears are engaging and have their sights on a correction towards the hourly W-formation support and then a key trendline support thereafter. The following illustrates the bearish thesis across both the daily and hourly time frames.
The daily harmonic pattern is bearish and the price is starting to chip away at the trendline support following a deceleration of the bullish impulse. The 38.2% Fibonacci should be an important level of support for the sessions ahead should bears maintain control below 142.75.
The hourly charts show that the price is correcting from the prior bullish rally and is filling the wick left behind by the prior bearish hourly bar. A continuation lower in the Tokyo session will complete a move to the neckline of the W-formation. This is the first defence on the way into the daily 38.2% Fibonacci targets near 141.50.
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