USDJPY breaks the support – Analysis - 16-03-2017

Economies.com
2017-03-16 05:24AM UTC

The USDJPY pair achieved strong break to 113.97 level and settled below it, noticing that the decline stopped at the previously breached bearish channel’s resistance level that turns into strong support at 113.15, providing signals that the chances available for bouncing higher and resuming the bullish trend, especially that stochastic moves at the oversold levels.

 

Therefore, we will keep preferring the overall bullish trend unless breaking 113.15 level and holding below it, pointing that breaching 113.97 will support the positive expectations that its next main target located at 117.65.

 

Expected trading range for today is between 112.50 support and 114.50 resistance.

 

Expected trend for today: Bullish

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