USD/JPY bears seeking a test of 104.05 and ultimately, downside extension lower. Upside correction completing on the hourly time frame. Overnight, USD/JPY played out in a typical reversal of London’s breakout. USD/JPY was capped in an M-formation and moved back into consolidation within the Thursday’s Asian session’s ranges. However, the next round of selling could be about to emerge. The following is a top-down analysis that offers a bearish bias for both a near-term and longer-term outlook. Monthly chart Weekly chart Daily chart Daily support is around the bearish candle in the bullish impulse as first target. Hourly chart There is a bias on the hourly charts to the downside in an extension of the latest bearish impulse with a naked Dec 7th session volume profile POC (point of control) located at 104.05. 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 Silver Price Analysis: XAG/USD keeps pullback from 100-HMA FX Street 2 years USD/JPY bears seeking a test of 104.05 and ultimately, downside extension lower. Upside correction completing on the hourly time frame. Overnight, USD/JPY played out in a typical reversal of London's breakout. USD/JPY was capped in an M-formation and moved back into consolidation within the Thursday's Asian session's ranges. However, the next round of selling could be about to emerge. The following is a top-down analysis that offers a bearish bias for both a near-term and longer-term outlook. Monthly chart Weekly chart Daily chart Daily support is around the bearish candle in the bullish impulse as first target. Hourly chart There is a… 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.
