The USDJPY attacks the resistance – Analysis - 30-06-2020

The USDJPY pair provided positive trades yesterday to attempt to breach 107.68 but it didn’t close the daily candlestick above it, noticing that the price begins today with new rise to move above this level, which hints the price head to turn to rise, supported by moving above the EMA50, but we notice that stochastic shows overbought signals to block the positive attempts.

Therefore, we prefer staying neutral temporarily until the price confirms its situation according to the mentioned level, noting that confirming breaching it will push the price to achieve new gains that reach 109.22, while consolidating below it will press on the price to resume the decline that its first target located at 106.44.

The expected trading range for today is between 107.00 support and 108.50 resistance

The expected trend for today: Neutral