USDJPY retests – Analysis - 04-01-2017

The USDJPY pair retested the previously breached resistance of the minor bearish channel and kept its stability above it, to start bouncing bullishly in attempt to resume the main bullish trend, waiting to surpass 118.30 barrier to open the way to head towards 120.00 that represents the next main target of the current bullish wave.

Therefore, the chances are valid to continue the bullish trend in the upcoming sessions, especially that stochastic begins to provide positive signals on the four hours' time frame, reminding you that holding above 115.90 represents the most important condition to achieve the suggested targets.

Expected trading range for today is between 117.10 support and 119.00 resistance.

Expected trend for today: Bullish