Search ForexCrunch
  • Bulls are taking on daily resistance and so far so good.  
  • However,  USD/JPY is overextended and due for a correction.  

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.