USDJPY approaches from the first target – Analysis - 16-08-2017
Economies.com
2017-08-16 04:21AM UTC
The USDJPY pair settles near 110.93 level that represents 38.2% Fibonacci correction level for the last bearish wave that appears on chart, getting positive support by the EMA50, to provide chances to breach the mentioned resistance followed by extending the correctional bullish wave on the intraday basis to reach 111.61 as a next main target.
Therefore, the bullish trend will remain expected in the upcoming period unless we witnessed clear break and holding below 110.09, as breaking this level will stop the correctional bullish trend and push the price to return to the bearish trend again.
Expected trading range for today is between 110.00 support and 111.61 resistance.
Expected trend for today: Bullish
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