USDJPY begins bullish correction – Analysis - 15-08-2017

The USDJPY pair rallied upwards strongly by today's opening to breach the bearish channel's resistance and start bullish correction for the decline measured from 114.49 to 108.73, as the price achieved initial breach to 23.6% Fibonacci level and closed the last four hours' candlestick above it, which paves the way to head towards the next correctional level at 110.93.

Therefore, the bullish trend will remain suggested in the upcoming sessions, and breaching the targeted level will push the price towards 111.61 as a next main station, while the bullish trend will remain valid and active unless breaking 109.40 level and holding below it.

Expected trading range for today is between 109.40 support and 111.30 resistance.

Expected trend for today: Bullish