The USDJPY begins positively – Analysis - 06-08-2019

The USDJPY pair succeeded to touch our first waited target at 105.65 by today’s opening, and it rebounds upwards strongly now to start bullish correction for the recent decline that started from 109.32 areas, and the price faces solid resistance at 38.2% Fibonacci correction level at 106.97, noticing that the EMA50 forms negative pressure against the price, to keep the chances valid to resume the main bearish trend in the upcoming sessions.

Therefore, we will keep our bearish overview that its main targets begin by surpassing 105.65 to open the way to head towards 104.60, noting that breaching 106.97 will stop the expected decline and lead the price to achieve more gains on the intraday basis.

The expected trading range for today is between 106.00 support and 107.40 resistance

The expected trend for today: Overall Bearish