The USDJPY achieves strong gains – Analysis - 24-11-2020

The USDJPY pair rallied upwards strongly yesterday to breach 104.20 level, which hints the price head to achieve more expected gains in the upcoming period, but we notice that the rise stopped at the resistance line that appears on the chart, which makes us prefer staying aside until we get clearer signal for the upcoming trend.

Note that breaching 104.70 resistance will push the price to continue the rise and visit 105.20 level direct, while breaking 104.20 will reactivate the bearish trend scenario that its targets begin by attacking 103.65 to open the way to visit 103.00 as a next negative target.

The expected trading range for today is between 103.70 support and 105.20 resistance

The expected trend for today: Neutral