Midday update for USDJPY 29-12-2016

The USDJPY pair trades negatively since morning to break 116.55 level and settles below it, which hints the price attempts to start some bearish correction in the upcoming period before turning back to resume the main bullish trend.

Therefore, we prefer staying aside temporarily in order to monitor the daily close according to the above mentioned level, as holding below it will confirm heading towards 113.97 before any new attempt to rise, while stepping above 116.55 will reactivate the bullish trend scenario that its targets begin at 118.50 and extend to 120.00.

Expected trading range for today is between 116.00 support and 118.00 resistance.

Expected trend for today: Neutral