- USD/JPY is gathering momentum after a test of the structure around 128.80.
- The 38.2% Fibonacci level is the first target near 129.50, with 131.20 as a later target.
Lyou USD/JPY bullish move and point to a correction towards 129.50 and it remains in the hands of the bulls as we enter the refinance and early hours of the Asian session.
As explained above, there were prospects for a reversal in the bearish momentum of the M formation in the previous leg:
USD/JPY Update
USD/JPY 1 hour chart
We are seeing this correction get underway and the bulls will now look for a bullish structure to lean on with the goal of a reversal of sorts like this:
As illustrated, price is at the back of the trend and a break to the upside is gaining momentum after a test of the structure around 128.80. Fibonacci 38.2% is the first target, near 129.50, with 131.20 as a later target.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
