USDJPY retests – Analysis - 12-03-2018

The USDJPY pair approaches retesting the previously breached neckline of the double bottom pattern at 106.35, which is met by the EMA50 to add more strength to it, while stochastic attempts to get rid of its negativity and gain the positive momentum on the four hours’ time frame.

Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, which its main targets begin by testing 107.40 level, noting that breaking 106.35 will push the price to resume the main bearish trend that its first target located at 105.54.

Expected trading range for today is between 105.80 support and 107.60 resistance.

Expected trend for today: Bullish