The USDJPY begins bearish correction – Analysis - 29-11-2021

The USDJPY pair surpassed our waited target at 114.00 to achieve bearish correction for the rise measured from 109.12 to 115.52, as it touched 38.2% Fibonacci level at 113.07 and attempts to recover now, supported by stochastic positivity, but it faces negative pressure formed by the EMA50.

Therefore, we prefer to stay neutral until we get clearer signal for the next trend, noting that breaking 113.07 will press on the price to achieve more bearish correction that its next target reaches 112.30, while breaching 114.15 represents the key to return to the bullish track that its first main target located at 115.50.

The expected trading range for today is between 113.00 support and 114.40 resistance

The expected trend for today: Depends on the above mentioned levels