The USDJPY attempts to recover – Analysis - 12-08-2022

The USDJPY pair provided clear negative trades yesterday to approach our waited target at 131.55, and bounced bullishly to close the daily candlestick below 133.00, starting today with bullish bias to attempt to surpass this level, which hints the attempt to regain the bullish trend, but the price faces negative factors coming by the EMA50 and stochastic.

Therefore, the contradiction between the technical factors makes us stay aside until the price confirms its situation according to the mentioned level, noting that confirming breaching it will lead the price to achieve new gains that start at 134.50 and extend to 136.40, while breaking it and trading below it again represents the key to reactivate the correctional bearish scenario that its next target located at 131.55.

The expected trading range for today is between 132.50 support and 134.10 resistance

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The expected trend for today: Neutral