USDJPY tests the resistance – Analysis - 21-03-2017

The USDJPY pair trading settles below the bearish channel’s resistance, showing some bullish bias affected by stochastic positivity, while the EMA50 keeps pushing negatively on the price, which keeps the trading valid within the mentioned channel.

In general, we keep preferring the bearish trend in the upcoming sessions unless breaching 112.80 level and holding above it, pointing that the price affected by bearish technical pattern that its full targets reach 110.85, while breaching 112.80 represents a positive factor that will push the price to test 113.97 before detecting the next trend on the short term basis.

Expected trading range for today is between 111.50 support and 113.30 resistance.

Expected trend for today: Bearish