Bears might have reason to cheer if USDJPY can stay resisted. That’s because for one, the day chart shows price stalling at a multiple month support – resistance zone.
Secondly, price has broken a trendline on the hourly chart and is now at a pullback confluence with a 76.4% retracement. The steepness of the pullback shows however a lot of bullish momentum so it is prudent to wait for a distribution-type of chart pattern.
Lastly the bearishness has 1 condition, price must not move above the previous high at 93.22.
Support - Resistance Zone
Dollar retracement move on hourly chart
