The USDJPY resumes the bullish wave – Analysis - 08-03-2023

The USDJPY pair bounced upwards strongly after leaning on the bullish channel’s support line that appears on the chart, as the EMA50 met this support to add more strength to it, reaching 137.70 level now, and we suggest surpassing this level to open the way to achieve more gains that reach 139.25 as a next main station.

Therefore, we expect to witness more bullish bias in the upcoming sessions, it might be preceded by some sideways fluctuation affected by stochastic negativity, waiting to get positive momentum that assists to push the price to achieve the waited targets.

We need to take into consideration that failing to breach 137.70 will press on the price to rebound bearishly and head to test 135.90 areas initially before any new attempt to rise.

The expected trading range for today is between 137.00 support and 138.60 resistance

The expected trend for today: Bullish