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USD/JPY Price Analysis: Bullish commitments tested at daily support

FX Street
Updated:
  • USD/JPY could be about to step in and be the makings of a bullish extension.  
  • Bears are testing the foundations of the bulls at key support.  

USD/JPY is trading lower on the day between a range of 109.50 and 109.07.

The price has made a test of the daily support structure in today’s lows which gives rise to the prospects of a bullish continuation.

The following illustrates the structure and bias from both a daily and 4-hour perspective:

USD/JPY daily chart

4-hour chart

 

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