USDJPY approaches from the resistance – Analysis - 02-06-2017

The USDJPY pair provided positive trading yesterday to approach from the bearish channel's resistance again, accompanied by witnessing clear overbought signals through stochastic, to form negative factor that we are waiting to push the price to decline again, which keeps the bearish trend scenario valid for today, waiting to test 109.00 level initially.

The EMA50 supports the expected decline, which its targets extend to reach 106.63 after breaking the above mentioned level, while the bearish trend will remain valid unless breaching 111.60 level and holding above it.

Expected trading range for today is between 110.00 support and 112.00 resistance.

Expected trend for today: Bearish