USD/JPY has melted below the monthly support area but has started to stall on US dollar strength. An upside bias on the lower time frames would coincide with a restest of the monthly structure. The following is a top-down analysis that illustrates the market’s structure and the probability of a bullish correction on the monthly and weekly charts following a downside correction on the daily chart. Monthly chart While the price has penetrated below monthly support, the structure would now be expected to act as resistance on a re-test. Weekly chart The bullish weekly W-formation is a bottoming pattern. The price could be set to close above the support structure and trendline resistance this week. Daily chart From a daily perspective, here we have an overextended W-formation within a weekly W-formation. Before extending higher, the price would be expected to correct back to towards the neckline of the weekly formation which meets with a daily 38.2% Fibonacci retracement level and prior 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 WTI stabilises just to the north of $52.00, supported by bullish Goldman call FX Street 11 months USD/JPY has melted below the monthly support area but has started to stall on US dollar strength. An upside bias on the lower time frames would coincide with a restest of the monthly structure. The following is a top-down analysis that illustrates the market's structure and the probability of a bullish correction on the monthly and weekly charts following a downside correction on the daily chart. Monthly chart While the price has penetrated below monthly support, the structure would now be expected to act as resistance on a re-test. Weekly chart The bullish weekly W-formation is a bottoming pattern. The… Top 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.
