The USDJPY recovers – Analysis - 09-01-2020

The USDJPY pair rallied upwards strongly yesterday to breach 108.40 level and reaches the thresholds of 109.33 level, which hints the price head to achieve more expected gains in the upcoming sessions, noting that breaching the last level will extend the bullish wave to reach 110.50 as a next positive target.

On the other hand, we notice that stochastic shows negative signals that might press on the price to decline again, therefore, we prefer staying aside until the price confirms breaching 109.33 resistance or breaking 108.40 support to detect its next destination clearly, noting that breaking this support will put the price under the negative pressure again, to head towards 107.45 initially.

The expected trading range for today is between 108.40 support and 110.00 resistance

The expected trend for today: Neutral