The USDJPY price declined sharply yesterday to surpass our negative targets suggested in our last report at 160.35 and 159.25 and touch the bullish channel’s support line that appears on the chart, noticing that this support showed solid consolidation against the recent negative pressure, accompanied by witnessing positive signals through the RSI.
Therefore, we believe that the chances valid to build new bullish wave on the intraday and short-term basis, and according to the trading rules inside the channels, the price is on its way to achieve positive targets that start at 160.30 and extend to 162.00 as next positive stations, noting that breaking 157.95 will stop the expected rise and push the price to achieve bearish correction on the longer-term basis.
The expected trading range for today is between 158.50 support and 161.50 resistance
Trend forecast: Bullish
Origin: Economies
