USD/JPY Price Analysis: Bears eye a bearish close for the bear below 131.00 USDJPY Technical Analysis
speaker-fueled rally in the US session. The following illustrates a bias to the downside based on the week's closing prices so far with Tuesday snapping the Friday Nonfarm Payrolls-induced rally that had led to two days of higher closes. The thesis is bullish now that the price has broken to the backside of the old bearish trendline resistance.
However, so far the bulls have been able to make a comeback on the day, moving in on the London session's lows around 130.60 and driving the bears all the way back to a high of 131.53 in the US session. For the thesis to play out, the bears need to get back below Tuesday's closing price of 130.99 and at the time of writing, there are some 20 pips to go. The ATR is around 170 pips and the range of the day so far has been 94 pips so there is room for a further push from the bears.
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