USD/JPY Price Analysis: Bullish correction in mid-air, 135.50 in sight

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  • USD/JPY bulls are in command and point to a deeper correction.
  • The bulls need to overcome temporary hourly resistance.

USD/JPY is moving north after the US CPI According to he previous analysis, the bulls are making a firm correction and the bias is still in the hands of the bulls, as will be seen below.

USD/JPY Previous Technical Analysis

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On the day, USD/JPY is moving towards a support zone which could lead to a correction ahead of US CPI data with 134.50-70 in sight on the daily Fibonacci scale. as illustrated above. However, in a lower time frame:”

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”There is a lot of resistance between 133.70 and 134.00 that the bulls will have to flip first.”

USD/JPY Update

As you can see, the bulls have moved in and the price is on its way towards 135.50. However, down the road, there are prospects for a correction and some bottoming ahead of higher demand:

Bulls will have to commit to trend line support, or thereabouts, with resistance potentially found at the M-shaped neckline in the meantime:

Source: Fx Street

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