USDJPY under the negative pressure – Analysis - 22-03-2018

The USDJPY pair bounced downwards clearly yesterday after the price found solid resistance barrier that forced the price to decline towards the recently recorded low at 105.54, which stops the positive scenario suggested yesterday, especially that the EMA50 forms negative pressure now, but on the other hand, the price finds solid support at the mentioned level, reinforced by stochastic positivity, which might protect the price from suffering more losses.

Therefore, this contradiction between the technical factors makes us prefer staying aside temporarily, noting that breaching 106.45 will lead the price to resume the correctional bullish attempts that target 107.40 initially, while breaking 105.54 will put the price under the negative pressure on the short term basis, to head towards 104.31 as a next main station.

Expected trading range for today is between 104.90 support and 106.45 resistance.

Expected trend for today: Depends on the above mentioned levels