- USD/JPY bulls in charge but weekly and daily resistance should be noted.
- Bears are seeking to hold the bulls off at this juncture.
The bulls are in town according to the monthly chart but the weekly chart is making for a meanwhile resistance and problematic.
The following is a top-down analysis that illustrates the market structure across the time frames and subsequent bias.
The bullish bias is derived from the recent correction of the monthly bullish impulse to test the prior highs and what would be expected to be a support zone.
The price can rally to fresh highs from here.
Meanwhile, the weekly resistance is a stumbling block for the bulls.
The daily time frame shows that the price is testing a prior support structure in an M-formaiton.
A beak of this resistance will be highly bullish.