The USDJPY faces solid support – Analysis - 24-05-2022
Economies.com
2022-05-24 04:18AM UTC
The USDJPY pair finds difficulty to surpass 23.6% Fibonacci level that forms solid support at 127.40, noticing that stochastic begins to overlap negatively now, waiting to motivate the price to resume the negative trades to break the mentioned level followed by breaking 126.95 and confirm the continuation of the bearish wave on the intraday basis, which targets 124.15 as a next main station.
Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 128.75 will stop the negative scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 127.00 support and 128.20 resistance
The expected trend for today: Bearish
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