USD/JPY Price Analysis: Bulls need to show up or 131.00 is a viable target USDJPY Technical Analysis
USD/JPY bears eye 131.00, a level that could easily come back under pressure for the days ahead. is at 133.40, up from 132.74 as of Thursday's Tokyo stock market close. Currency markets were broadly calmer on Thursday after Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence.
This has left the Yen sideways vs. the US Dollar, near to trendline resistance in USD/JPY as the following illustrates:The market is on the front side of the bearish trendline, submerged by the horizontal and dynamic trendline resistance on the daily chart. With that being said, the price did fall out to the backside of the prior dominant bull trend, and the bears vaulted support structure. This makes for a viable downside case.
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