Overview
The USD/JPY pair traded higher yesterday. The pair breached the 111.75 level and settled above it. At present, the pair is fluctuating inside the sideways range. The pair is ready to test resistance at 112.80 of this trading range. Therefore, USD/JPY is expected to trade in a sideways manner in the short term until the price manages to breach one of the levels of the trading range. Then, traders can determine next targets. Please note that breaching 112.80 will push the price to achieve more gains and visit the previous top at 114.49 as the next main station. On the other hand, breaking 111.75 will push the pair to return to the main bearish track again. The downward targets are seen at 110.90 followed by 110.06. The expected trading range for today is between 111.50 support and 113.50 resistance.
The material has been provided by InstaForex Company - www.instaforex.com
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