The USDJPY reaches the target – Analysis - 02-07-2021

The USDJPY pair provided additional positive trades to reach the thresholds of our waited target at 111.70, with chances to witness some temporary bearish bias from there in order to gather positive momentum that assist to push the price to breach this level and open the way to achieve more gains on the intraday and short term basis, noting that the next positive target extends to 112.50.

Therefore, we will continue to suggest the bullish trend supported by the EMA50, noting that failing to breach 111.70 will press on the price to start correctional bearish wave that targets visiting 110.70 and might extend to 110.05 areas before any new attempt to rise.

The expected trading range for today is between 110.80 support and 112.30 resistance

The expected trend for today: Bullish