Bears are targeting USDJPY at 141.836 and anticipating a correction.
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- USD/JPY bears are moving in and eye a correction.
The US Dollar edged higher forcing the Yen into submission at the start of the week at around 141.96 the highs in USD/JPY. The following is a technical analysis that illustrates the prospects of a continuation longer term to the upside but in the near-term, possibilities of a meanwhile correction.
The W-formation is shaping up on the monthly chart and there is space into the prior highs.
The weekly support line is in tact and this too leaves the bullish bias in play.
The bears, however, could be about to move in which leaves the Fibonacci scale open for mitigation to the downside and move to test near-term trendline support.
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