USD/JPY Price Analysis: Bulls taking a reincheck as bears eye 132.80s USDJPY Technical Analysis
We have seen a break of the 4-hour structure.A downside continuation with 132.80 eyed. Zooming in on the weekly chart, we can see that a W-formation is taking shape with the potential for the correction to run deeper into the Fibonacci scale. The 38.2% ratio has already been met where trendline support meets the lows, so a bullish impulse could take shape from this point. However, monitoring for a deeper more to the 50% mean reversion could offer the patient bulls a discount.
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