The USDJPY achieves intraday gains – Analysis - 17-07-2019

The USDJPY pair traded positively yesterday to move above 108.10 level, but we notice that stochastic shows clear negative signals that we expect to press on the price to decline again, and by taking a deeper look at the chart, we find that the price draws head and shoulders’ pattern that we believe it will motivate the price to resume the main bearish trend again.

Therefore, the overall negative scenario will remain valid for the upcoming period unless breaching 108.40 level and holding above it, noting that breaking 107.85 will complete forming the negative pattern and push the price towards 106.78 direct.

The expected trading range for today is between 107.40 support and 108.70 resistance

The expected trend for today: Bearish