USDJPY shows some bearish correction – Analysis - 09-10-2017

The USDJPY pair bounced bearishly after approaching from our first waited target at 113.55, showing some bearish correction for the bullish rally that started from 107.31, noticing that the EMA50 forms good support to protect the price from achieving more decline, while stochastic approaches to provide positive overlapping signal inside the oversold areas.

Therefore, we believe that the chances are valid to resume the bullish trend in the upcoming sessions, and the next main target is located at 114.49, taking into consideration that breaking 112.00 will push the price to achieve more bearish correction that its next target located at 111.10 before any new attempt to rise.

Expected trading range for today is between 112.00 support and 113.55 resistance.

Expected trend for today: Bullish