- The yen is under pressure vs the greenback with bulls pressing ahead.
- The bulls are targeting a break of daily resistance for a monthly upside continuation.
USD/JPY is on the verge of an upside continuation having pulled back to expected daily support.
The following is an illustration of how the time frames are coinciding with a bullish bias.
The monthly chart offers a bullish bias and the lower time frames will offer further conviction as follows:
Weekly chart
There are a few resistance layers for the price to cross.
Daily chart
The daily chart has completed its range of downside potential according to the retracement o that enose of the W-formation.
The 38.2% Fibonacci is now acting as support.
