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  • USD/JPY bears are in control for prospects of a deeper correction.
  • Bulls may step in here at the hourly support prior to the next bearish impulse.  

As per the prior analysis,  USD/JPY Price Analysis: Bulls take on daily resistance, bears seek 61.8% Fibo, the bears are taking the pair lower and there are prospects of a deeper correction still.  

Prior analysis, daily chart

”USD/JPY has been on a one-way street in the last few days and has penetrated a critical daily structure, albeit without much conviction”.

”There is the risk of a test to the 38.2%  Fibonacci, but below there, the bears will look for a run all the way back to test bullish commitments at the confluence of the 21-day EMA, prior resistance and a 61.8% Fibonacci retracement.”  

Live market analysis, daily and hourly charts

There is room for a deeper correction to test the prior resistance that would be expected to act as support.  

From an hourly perspective, there are prospects of a correction to old support prior to a bearish continuation: