USD/JPY bulls seek a correction to test bear’s commitments at familiar resistance. DXY is on the verge of an upside correction. It is a quiet start in most of the forex space, including USD/JPY. At the time of writing, USD/JPY is trading flat on the session and has hardly budged during the Tokyo open. The day would be expected to lean slightly in favour of risk considering the risk-on session on Wall Street. Having said that, the US dollar has already been downtrodden and is facing a wall of support at this juncture as measured by the DXY as follows: DXY 4-hour chart A bid in the greenback would be expected to see USD/JPY nudged higher also, which would raise prospects of a significant correction according to the confluence of market structure and a 38.2% Fibonacci retracement level. USD/JPY daily chart As illustrated, USD/JPY offers prospects of forming the right-hand shoulder of a bearish head and shoulders pattern on the daily chart. The price would be expected to be contained within the 50 and 21 day EMAs and the daily support and resistance areas. 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 USD/CAD holds mild gains above 1.2500 ahead of Canadian budget FX Street 2 years USD/JPY bulls seek a correction to test bear's commitments at familiar resistance. DXY is on the verge of an upside correction. It is a quiet start in most of the forex space, including USD/JPY. At the time of writing, USD/JPY is trading flat on the session and has hardly budged during the Tokyo open. The day would be expected to lean slightly in favour of risk considering the risk-on session on Wall Street. Having said that, the US dollar has already been downtrodden and is facing a wall of support at this juncture as measured by the DXY… 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.
