USD/JPY: multiple failed attempts to continue its bullish moves
Firstly, if we take a look at the Weekly timeframe chart, we can observe that the recent few candles have resulted in leaving long wicks to the upside and failing to print impulsive moves and continue bullish movements.
Zooming into lower timeframes, we can clearly see that the price has made some attempts to break above 136.7 zone of resistance and form new Highs, but has failed multiple times. This is another indicator of the fact that the bulls are kind of weak at the moment and some correctional moves are needed.
Tracking the current price action, we can observe that the price is trading within the borders of a narrowing disjoint channel.
Based on the factors mentioned above, we are pretty confident that the price is gonna continue dropping for the time being.
We are eyeing the 131.500 area of the recent Higher Low as our initial target.
Zooming into lower timeframes, we can clearly see that the price has made some attempts to break above 136.7 zone of resistance and form new Highs, but has failed multiple times. This is another indicator of the fact that the bulls are kind of weak at the moment and some correctional moves are needed.
Tracking the current price action, we can observe that the price is trading within the borders of a narrowing disjoint channel.
Based on the factors mentioned above, we are pretty confident that the price is gonna continue dropping for the time being.
We are eyeing the 131.500 area of the recent Higher Low as our initial target.