USDJPY Chart Technical Outlook will complete a bullish Butterfly at 150.83
We have seen choppy and mixed trading since USD/JPY posted a 15-week high of 156.75 on November 15.
The bearish outside daily candle offers an immediate mild bearish bias.
The one-hour chart highlights the pair building a bullish Butterfly formation. This pattern will be completed at 150.83. Bespoke support levels are located at 150.92 and 150.82.
Conclusion: the immediate bias is skewed to the downside. It should be noted that the system setup is buying the completion of the Butterfly formation at 150.83.
Resistance: 155.89 (yesterday’s peak), 156.75 (15-week high), 157.68 (261.8%)
Support: 154.02 (bespoke), 153.28 (Tuesdays base), 150.83 (butterfly)
