USDJPY faces the moving average – Analysis - 17-10-2017

The USDJPY pair ended yesterday's trading positively to move above 112.00, but we notice that the EMA50 forms good resistance that stopped the rise, to start the bearish with bearish bias and test 112.00 level again, which encourages us to continue suggesting the correctional bearish trend in the upcoming period, especially that stochastic loses its positive momentum clearly to reach the overbought areas' thresholds.

Therefore, we are waiting for negative trading today, and breaking 112.00 will confirm opening the way to head towards 111.10 followed by 110.38 that represent our next main targets, noting that it is important to hold below 112.45 to continue the expected decline.

Expected trading range for today is between 111.00 support and 112.80 resistance.

Expected trend for today: Bearish