Overview
The USDJPY pair continued its positive trading last Friday, touched the main bearish channel's resistance shown on the chart and held below it. The price was accompanied by stochastic move at the overbought areas, which forms a negative factor that we are awaiting to make the price rebound bearishly and resume the bearish trend in the upcoming sessions. Therefore, we still expect the bearish trend on the intraday and short-term basis conditioned by the price stability below 103.05 levels. The price is likely to hit 100.70 levels, a break of which represents a negative factor that will lead the price to more losses with next targets reaching 94.76. A breach of 103.05 levels will open the way for recovery attempts followed by testing 106.63 levels as the first main target.
The expected trading range for today is between the 101.00 support and the 103.40 resistance.
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