- USD/JPY bulls eye a break of the key trendline resistance.
- Bears eye a break of the critical support structure.
USD/JPY bulls continue to hold the fort at the key support structure despite the surprising conclusions of the Bank of Japan's recent deliberations. The following illustrates the prospects of a downside continuation on the front side of the daily trendline resistance and M-formation's neckline on the daily chart:
USD/JPY daily chart
As seen, the support structure in the 127.70s is holding up and the price is correcting towards the 38.2% ratio, bar the BoJ's rally beyond during the volatility where the trendline was already touched.
A break of 126.50 opens the risk of a significant move lower into the bullish cycle's trend:
This makes the upside more appealing as the bulls seek to defend against such a scenario and puts the trendline in jeopardy.
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