Price Analysis: USDJPY
Expected Scenario
The USDJPY price attempted to approach the 155.00 barrier but bounced bearishly, heading towards a potential test of the bullish channel’s support line at 153.05. The bearish bias is suggested in the upcoming sessions as the price lacks the required positive momentum to continue the rise.
The continuous move inside the bullish channel suggests that the expected decline is temporary, waiting to resume the main bullish trend again. Noting that breaching 154.65 will stop the suggested bearish bias and push the price to achieve new gains on the intraday and short-term basis.
Expected Outcome
The expected trading range for today is between 153.30 support and 154.90 resistance.
Trend Forecast: Bearish
Origin: Economies
