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USD/JPY Price Analysis: Bears on top, target weekly support

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  • USD/JPY bears are stepping in at monthly resistance with a focus on the downside. 
  • The daily chart offers a bullish scenario, dwarfed by monthly supply. 

Further to the prior analysis, USD/JPY Price Analysis: Bulls climbing a wall of resistance, the price has indeed moved lower in a layer of supply and the focus has resumed to the downside. 

Prior analysis, weekly chart

Prior analysis, daily

Live market, daily

While there is the possibility of a bullish impulse at this juncture, the most probable scenario is a moved lower considering the monthly supply as follows:

 

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