The USDJPY pair breached the bearish channel’s resistance clearly and rallied upwards to approach the most important resistance at 133.30, accompanied by witnessing clear overbought signals by stochastic, which forms negative motive that we expect to push the price to rebound bearishly in the upcoming sessions, waiting to target 131.60 followed by 130.40 levels as next main stations.
Therefore, the bearish bias will be suggested for today unless breaching 133.30 and holding above it, as breaching it will lead the price to build bullish wave on the intraday and short term basis and achieve more gains in the upcoming period.
The expected trading range for today is between 131.60 support and 133.30 resistance
The expected trend for today: Bearish
Origin: Economies
