Overview
The USDJPY pair has been trading downwards since morning. The pair broke and settled below 116.55 levels, which hints that the price attempts to start a bearish correction in the upcoming period before resuming the main bullish trend. Therefore, we prefer staying aside temporarily in order to monitor the daily close as holding below the mentioned level will confirm movements to 113.97 before any new attempt to rise. Stepping above 116.55 will reactivate the bullish trend scenario, which targets begin at 118.50 and extend to 120.00. The expected trading range for today is between the 116.00 support and the 118.00 resistance.
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