USDJPY awaits the breach – Analysis - 23-06-2017

The USDJPY pair tested the EMA50 that formed good support base against the last decline, to resume its positive attempts supported by the positive overlapping signal provided by stochastic, reminding you that we are waiting to breach 111.75 level to confirm completing the inverted head and shoulders' pattern that will motivate the price to head towards our next main target at 113.97.

Therefore, our bullish overview will remain active on the intraday and short term basis, noting that breaking 110.45 level will stop the suggested rise and push the price to return to the bearish channel that appears on the above chart.

Expected trading range for today is between 110.45 support and 112.50 resistance.

Expected trend for today: Bullish