USDJPY approaches from the target – Analysis - 12-01-2017

The USDJPY pair bounced strongly to the downside after touching the minor bearish channel's resistance that appears on chart, to approach from our main waited target at 113.97, noticing that the price begins today with more bearish bias supported by the negative pressure provided by the EMA50.

Therefore, the bearish trend scenario will remain dominant in the upcoming trading unless breaching 116.75 level and holding above it, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaking it represents the key to extend the pair's losses to reach 111.96 as a next main station, while holding against the negative pressure will lead the price to attempt to regain the bullish trend on the medium term basis.

Expected trading range for today is between 115.50 support and 113.50 resistance.

Expected trend for today: Bearish