USD/JPY Price Analysis: Bulls move in to test bears near 135.00

• USD/JPY bulls are in the market eyeing a test of 135.00.
• The weekly and lower time frames offer compelling technical features on the charts.

USD/JPY is testing resistance and staying on the bid in Tokyo at 134.85, up from a low of 134.59 having printed a high of 134.97. 

The following illustrates the meanwhile upside bias vs a longer-term downside bias. 

USD/JPY technical analysis

The bearish pennant and bearish ascending triangle are compelling themes on the weekly charts. 

Zooming in, we can see a W-formation is taking shape and there are prospects of a move higher still before a move into the support area and neckline of the pattern. 

USD/JPY H4 charts

The bullish scenario, above, sees the prospects of a break of the micro trendline and a move to test the low 134s before the bulls engage again for the push higher, as per the weekly W-formation´s outlook. The bearish scenario, below, highlights the chances of a breakdown into the broader trendline support.