#USDJPY @ 136.327 is meeting support on the front side of the bullish trend,
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- USD/JPY is meeting support on the front side of the bullish trend,
- If the trendline breaks, then the bears will be encouraged to move in.
USD/JPY has been in the hands of the bulls. However, there is the possibility of a significant correction to the downside if support near 136.20 fails. 135.50 would then be eyed as the following video illustrates.
The price is running into resistance as illustrated within the W-formation. This is a reversion pattern that opens risk towards the neckline and trendline support.
There is firm resistance as seen on the 4-hour chart and we are now testing support.
A break of the support and the trendline opens risk of a move to the downside as illustrated above.
From an hourly perspective, the price is meeting support but while still on the front side of the bullish trend, there will be prospects of a continuation for the sessions ahead. If, however, the trendline breaks, the bears will be encouraged to move in.
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