The USDJPY tests the resistance – Analysis - 01-12-2020

The USDJPY pair bounced upwards clearly yesterday to reach the key resistance 104.50, accompanied by stochastic reach to the overbought areas, which supports the strength of the current resistance areas and provides chances for a bearish rebound to resume the main negative scenario.

Until now, the bearish trend scenario still valid unless breaching 104.50 and holding above it, as breaching it will push the price to test 105.20 as a next positive target, while the expected bearish wave targets begin at 103.65 and extend to 103.00.

The expected trading range for today is between 103.65 support and 105.00 resistance

The expected trend for today: Bearish