• USD/JPY has run into the 142.00 area in a 50% mean reversion of the prior bearish impulse.
  • USD/JPY downside could be the first port of call and that leaves 140.50 exposed. 

As per the prior analysis, USDJPY Price Analysis: Bull move in and eye 143.00 area, the pair has followed the forecasted trajectory from the trendline support and bulls continue to eye the 143 area.

USD/JPY daily chart, prior analysis

It was stated that so long as the price stays on the front side of the daily trendline, there would be prospects for a significant bullish correction in the days ahead.

The 61.8% ratio was in sight within a price imbalance area. 

USDJPY update

The price has since run into the 142.00 area in a 50% mean reversion of the prior bearish impulse but has left a W-formation on the charts as follows: 

The price imbalances greyed areas, are compelling areas for mitigation, and given the resistance, the downside could be the first port of call and that leaves 140.50 exposed. 

This article was originally published by Fxstreet.com.Read the original article here.

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