Bulls looking for an opportunity for 116 targets

  • USD/JPY bulls could be stepping in soon for 116 area taregts. 
  • Bears have eye on weekly support area. 

USD/JPY bulls have lost ground to the bears, but the decline has been steady and the price is stalling at an old resistance structure. 

The following illustrates an upside bias from this juncture and the prospects of a run towards 116.50. 

USD/JPY daily chart

USD/JPY H4 chart

On the 4-hour time frame, the bulls may want to see the overhead resistance broken prior to fully engaging. The resistance is located near 115.90. this would serve as an entry point for the prospects of a significant run higher over the course of the comings days. 

With that being said, the weekly chart is potentially due for a correction:

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