The USDJPY pair begins today with new rise to breach 108.50 and approaches testing the key resistance 109.20, affected by stochastic positivity, noting that consolidating below this resistance keeps the bearish trend scenario valid on the intraday basis, and the price needs to break 108.50 followed by 107.68 levels to confirm resuming the bearish wave that its next target located at 106.44.
Therefore, we will keep our overall bearish overview, taking into consideration that breaching 109.20 will lead the price to achieve additional gains that target visiting the main bearish channel’s resistance at 111.10 before any new attempt to decline.
The expected trading range for today is between 107.70 support and 109.20 resistance
The expected trend for today: Overall Bearish
Origin: Economies
