Overview
The USD/JPY pair did not show any strong moves yesterday and remained near to the bearish channel's resistance. Thus, we expect no change in the bearish scenario that depends on holding below 111.60, supported by the EMA50 and stochastic's negativity. Now we are waiting until the pair visits 109.00 as the first target. Breaking the targeted level represents the key to extend the bearish wave towards 106.63, while breaching 111.60 will push the price to turn to rise on the intraday basis to test 113.97 mainly. The expected trading range for today is between 110.00 support and 112.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com
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