The USDJPY faces solid resistance – Analysis - 28-09-2020

The USDJPY pair’s rise stopped at the resistance line that appears on the chart, accompanied by witnessing negative signals through stochastic, which presses on the price to decline and head towards testing the support base formed at 105.20 after breaching it previously, met by the EMA50 to add more strength to it.

Therefore, we are facing contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 105.60 resistance will push the price to resume the recently suggested positive scenario and head towards 106.44 mainly, while breaking 105.20 support will put the price under the negative pressure again, to head towards 103.65 areas on the near term basis.

The expected trading range for today is between 104.60 support and 106.20 resistance

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