USD/JPY bears stepping in at monthly resistance. Focus is the downside and the 4-hour structure. USD/JPY is reaching into supply territory which leaves the focus on the downside. The following is a top-down analysis that illustrates where the next downside opportunity could arise. Monthly chart The price is reaching to higher highs and may have some way to go until bears will step in at overbought conditions according to RSI. Weekly chart That being said, the weekly chart is already overbought and the Fibonaccis have a confluence between the monthly 38.2% and weekly 50% areas. Daily chart The daily chart is eyeing a 38.2% Fibo with prior resistance to the left. 4-hour chart The 4-hour conditions are not favourable until a break of the 21 moving average and prior resistance structure. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Euro hits lowest since November 2020 FX Street 1 year USD/JPY bears stepping in at monthly resistance. Focus is the downside and the 4-hour structure. USD/JPY is reaching into supply territory which leaves the focus on the downside. The following is a top-down analysis that illustrates where the next downside opportunity could arise. Monthly chart The price is reaching to higher highs and may have some way to go until bears will step in at overbought conditions according to RSI. Weekly chart That being said, the weekly chart is already overbought and the Fibonaccis have a confluence between the monthly 38.2% and weekly 50% areas. Daily chart The daily… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
