USD/JPY Price Analysis: Bears are attacking key support
- USD/JPY is trapped between 129.80 and 131.66.
- The bears remain in charge while the price is on the front-side of the trendline.
As per the prior analysis, USD/JPY Price Analysis: Bulls about to make their move with eyes on 61.8% retracement, The bulls made their move but were met with strong supply.
USD/JPY prior analysis
It was explained that the price was moving into the lower support and that the bulls could be committed near the 130.70s for a retest of the prior support.
USD/JPY update
USD/JPY bulls met a 38.2% Fibonacci retracement before the supply came on. at this juncture, there is little bias one way or the other.
In the hourly chart above, 129.80 and 131.66 are the extremities of the current range and there is a neutral/bearish bias while between there.