- 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
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Weekly chart
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Daily chart
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Daily support is around the bearish candle in the bullish impulse as first target.
Hourly chart
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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.
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