USD/JPY Price Analysis: Bulls taking charge from 61.8% Fibo

• USD/JPY bulls taking charge and attack a critical 4-hour resistance level.
• Bullish bias across the time frames opens prospects of a fresh daily bullish impulse. 

USD/JPY is finding support on the longer-term time-frames and has retraced deep enough to now expect a continuation to the upside towards monthly resistance. 

The following is a top-down analysis that illustrates a bullish bias once the 4-hour resistance is broken and subsequently retested as new support.

Monthly chart

Bulls can target a restest of the old support structure that was broken.

Weekly chart

The weekly chart offers a bullish W-formation from where the market would be expected to continue higher from.

Daily chart

The daily chart shows that the price is being supported at a familiar level and confluence of a full 61.8% Fibonacci retracement level and the neckline of the daily extended W-formation.  

A bullish continuation would be expected to now emerge if this level holds. 

4-hour chart

The conditions are bullish on the 4-hour chart as the price attempts to break the first layer of resistance.

A break followed by a retest of the structure would be expected to be defended by the bulls and result in a continuation to the upside.