The USDJPY rises again – Analysis - 24-01-2023

The USDJPY pair provided new positive trades to breach the resistance line that appears on the chart and settles above it, to hint the continuation of the recovery attempts and head to rise, but we notice that stochastic shows clear negative signals to press on the price to trade negatively.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend through monitor the price behavior according to 130.00 level, noting that consolidating today above this level will lead the price to achieve new gains that start at 131.50 and extend to 133.30, while breaking it and holding below it will press on the price to resume the bearish trend that its targets begin at 128.90 followed by 127.85.

The expected trading range for today is between 129.20 support and 131.30 resistance

The expected trend for today: Neutral