USD/JPY Price Analysis: Bulls seeking a discount

• USD/JPY bears are moving in but bulls are on standby. 
• Bulls need to get above hourly resistance structure.

USD/JPY has been offered as the Yen on Friday posted modest gains on signs of strength in Japan’s economy boosted by Japan’s Mar national inflation data that rose more than expected and by the most in 41 years, and a gauge of Japan’s manufacturing activity rose to a 6-month high. Technically, however, the bias remains bullish while above 132.80 and certainly while on the front side of the broader trendline. 

USD/JPY weekly chart

The weekly chart is bullish as the bull leg remains intact. 

USD/JPY daily charts

On the daily chart, we can see the price resisted by 135.11.

We also have an M-formation in the making with the price testing the 133.40s.

USD/JPY H1 charts

We have the price heading toward trendline support. Bulls will need to get above 133.90.

On the other hand, the 132.70s are in focus.