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The USDJPY reaches the extended target – Analysis - 02-05-2023
The USDJPY pair rallied upwards again yesterday, to reach few pips away from our extended target at 137.70, accompanied by stochastic loss to the positive momentum clearly and witnessing negative signals now, which might force the price to rebound bearishly in the upcoming sessions.
Now, we prefer to stay aside until we get clearer signal for the next trend, noting that breaching 137.70 will push the price to achieve additional gains that reach 139.00 areas as a next main station, while breaking 136.55 support represents negative factor that will press on the price to achieve bearish correction that its targets begin at 135.95 and might extend to 134.95 before any new attempt to rise.
The expected trading range for today is between 136.50 support and 138.20 resistance
The expected trend for today: Neutral
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