- USD/JPY bears taking up the bate as the price stalls below the 110.50 round figure target.
- The daily and 4-hour supports are eyed as critical support at this juncture.
As per the prior analysis, USD/JPY poised for an upside extension from daily support, USD/JPY shot higher as forecasted to print a fresh daily high overnight.
”The bulls are in charge at this juncture and supported by the 10 and 20 EMA bullish divergence, horizontal structure and the 61.8% Fibonacci retracement of the prior bullish impulse.”
There are prospects of a higher continuation yet with the 110.50 round number in focus.
However, there are probabilities of a correction with the 50% and 61.8% Fibonacci levels living up with prior resistance, expected to hold as support.
That being said, on the 4-hour chart, the price may only correct to the prior 4-hour resistance prior to a bulish continuation.
