The USDJPY attempts to recover – Analysis - 12-07-2019

The USDJPY pair provided positive trading yesterday to move above 108.10, hinting the price attempt to return to the correctional bullish track, but we notice that stochastic shows clear negative signals now, which might press on the price to decline again.

Therefore, the contradiction between the technical factors makes us prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching 108.93 resistance or breaking 108.10 support, noting that breaching this resistance will push the price for more bullish correction that its next target located at 109.60, while breaking the support will press on the price to resume the main bearish trend that targets 106.78 mainly.

The expected trading range for today is between 107.60 support and 109.10 resistance

The expected trend for today: Neutral