The USD/JPY heads towards retesting process – Analysis – 12/07/2021

jpy_1The USDJPY pair shows some bullish bias to approach retesting the broken support of the bullish channel, noticing that the EMA50 meets the broken support to add more strength to the resistance line formed there, besides stochastic loss to the positive momentum and witnessing negative signals now.

Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which targets 109.22 as a next main station, noting that breaching 110.50 will stop the suggested decline and push the price to rise again.

The expected trading range for today is between 109.50 support and 110.60 resistance

The expected trend for today: Bearish

Origin: Economies

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