The USDJPY pair rallied upwards strongly yesterday to breach 109.22 level and settles above it, to hint potential recovery in the upcoming period, but it’s still inside the bearish channel that appears on the chart, and stochastic loses its positive momentum clearly.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 110.00 resistance will lead the price to continue the rise and regain the main bullish trend, to head towards 111.00 followed by 111.70 areas as main positive targets, while breaking 109.22 represents the key to resume the negative scenario within the mentioned bearish channel that targets 108.20 followed by 107.70 levels.
The expected trading range for today is between 109.00 support and 110.30 resistance
The expected trend for today: Neutral
Origin: Economies
