The USDJPY approaches the target – Analysis - 31-03-2022

The USDJPY pair traded with clear negativity yesterday to approach our waited target at 121.10, and we notice that the price rebounds bullishly to head towards testing the resistance formed at 122.62, accompanied by stochastic loss to the positive momentum, waiting to motivate the price to resume the negative trades to test 121.10 level as a main target.

Therefore, we expect the continuation of the bearish trend domination on the intraday basis, noting that breaching 122.62 will stop the expected decline and lead the price to regain the main bullish trend again.

The expected trading range for today is between 121.40 support and 122.70 resistance

The expected trend for today: Bearish