USD JPY returns to the sideways range – Analysis - 31/03/2015

The USDJPY pair closed yesterday trading above 119.30 level, to stop the negative effect of the mentioned double top pattern in the last reports, and pushes the price to attempt to target the previously recorded top at 121.83.

Now, we prefer the domination of the sideways range on the intraday trading until breaching one the mentioned sideways range’s lines represented by 119.30 support and 121.83 resistance, where breaking this support will push the price to return to the bearish correctional track, while breaching the resistance will lead the price to resume the main bullish trend that its next targets located at 124.00.

Expected trading range for today is between 119.00 support and 121.80 resistance.

Expected trend for today: Sideways