The USDJPY faces solid resistance – Analysis - 23-03-2020

The USDJPY pair’s recent bullish rally stopped at the bearish channel’s resistance that appears on the chart, to keep its consolidation below it, which pushes the price to decline again to achieve bearish correction that its targets begin at 109.06 and extend to 107.55 after breaking the previous level.

Therefore, the bearish trend will be suggested for the upcoming sessions, supported by the negative signal that appears on stochastic, noting that breaching 111.20 and holding above it will stop the correctional bearish scenario and leads the price to achieve more gains on the short term and medium term basis.

The expected trading range for today is between 109.00 support and 111.20 resistance

The expected trend for today: Bearish