The USDJPY approaches the first target – Analysis - 17-03-2023

The USDJPY pair provided negative trades yesterday to approach our first waited target at 131.60, and bounced bullishly to attack 133.30 level, noticing that the price begins today with slight bearish bias to attempt to consolidate below this level, which represents key condition to continue the expected bearish trend on the intraday basis.

Stochastic loses its positive momentum clearly to form negative motive that we expect to push the price to resume the bearish wave within the bearish channel that appears on the chart, waiting for negative trades in the upcoming sessions, our targets begin at 131.60 and extend to 130.50.

On the other hand, we should note that breaching 133.30 followed by 134.05 levels will stop the bearish trend and lead the price to turn to rise.

The expected trading range for today is between 132.20 support and 134.00 resistance

The expected trend for today: Bearish