Bulls on the USD\/JPY remain in contention with chances of a daily closing over 132.50. The support of the trendline for the USD\/JPY pair is crucial at this point.<\/p>\n\n\n\n
<\/p>\n\n\n\n
For the bullish thesis to continue to hold, 132.50 was identified as a crucial threshold that had to hold. This was on a closing basis, though, and a daily close below that level has not yet been observed. Therefore, despite a significant decline in the US Dollar this week, the money longs have been offered a lifeline.<\/p>\n\n\n\n
<\/p>\n\n\n\n
For the possibility of a breakthrough over 134.00, it was indicated that “the bulls will need to commit, however, to the trendline support and preferably to above 132.50\/70.”<\/p>\n\n\n\n
<\/p>\n\n\n\n
The bulls are maintaining the line where the trendline meets a 61.8% ratio of the daily bullish impulse, despite the markets’ recent attempt to test bullish commitments at the 132.00 support. The bullish thesis is still valid as a result, but on the 4-hour chart, the bulls must now move above the right shoulder of the head and shoulders pattern.\u00a0<\/p>\n\n\n\n
<\/p>\n\n\n\n
While a move below support poses problems for the bulls, as long as the 78.6% ratio holds, it may not be the end of the bulls’ chances. However, a break of the trendline will present problems.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bulls on the USD\/JPY remain in contention with chances of a daily closing over 132.50. The support of the trendline for the USD\/JPY pair is crucial at this point. For the bullish thesis to continue to hold, 132.50 was identified as a crucial threshold that had to hold. This was on a closing basis, though, …<\/p>\n","protected":false},"author":13,"featured_media":71671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7201],"class_list":["post-82860","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-usd-jpy"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=82860"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82860\/revisions"}],"predecessor-version":[{"id":82861,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82860\/revisions\/82861"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71671"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}