In the previous analysis, USD/JPY: Something for both the bears and the bulls, the structure has been identified on both the weekly and daily time frames, with a bias to the downside and 105.95. The price has indeed respected both structures and the downside target has been reached: (Prior analysis, marking out the structures) Where now? It would be textbook stuff should the price simply pick up all of the liquidity at this confluence juncture of the 61.8% Fibonacci retracement level and simply continue in its upside trajectory, extending the late July reversal. From a COT perspective, it would also mirror the reduction of net JPY longs. However, there are no indications, yet, from the longer-term nor lower time frames that the pair is set on such a trajectory. Symmetrical triangle While the price is below the red weekly resistance line, there can be no bullish bias and the symmetrical triangle suggests the breakout can go either way. 4-HR picture There is nothing bullish on the four-hour time frame yet, not while MACD is below zero and price below key resistances. Price can easily retrace to the first resistance line in a correction prior to starting a fresh four-hour bearish impulse. However, on a break of the resistances, with MACD turning bullish, the bulls will be back in charge seeking to extend the late July trend on the higher time frames on a break of the weekly 106.70 resistance. 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 Canadian Finance Minister Morneau to resign – Reuters citing Radio-Canada FX Street 2 years In the previous analysis, USD/JPY: Something for both the bears and the bulls, the structure has been identified on both the weekly and daily time frames, with a bias to the downside and 105.95. The price has indeed respected both structures and the downside target has been reached: (Prior analysis, marking out the structures) Where now? It would be textbook stuff should the price simply pick up all of the liquidity at this confluence juncture of the 61.8% Fibonacci retracement level and simply continue in its upside trajectory, extending the late July reversal. From a COT perspective, it would also mirror the… 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.