USD JPY tests the support – Analysis - 01/04/2015

The USDJPY pair begins today’s trading with a bearish bias to test the sideways range’s support located at 119.30, pointing that stochastic shows positive signals that might assist to protect the mentioned support then pushes the price to head towards the sideways range’s resistance at 121.83.

In general, the sideways move scenario remains valid on the intraday basis until surpassing one of the mentioned levels, pointing that breaking 119.30 support will push the price to visit levels begin at 117.90 and extend to 116.50, while breaching 121.83 resistance will allow the USDJPY price to continue the main bullish trend that targets 124.00 level as a next main station.

Expected trading range for today is between 118.50 support and 121.00 resistance.

Expected trend for today: Sideways