The USDJPY tests the resistance – Analysis - 17-01-2023

The USDJPY pair shows some bullish bias to test the key resistance 128.90 now, accompanied by witnessing clear overbought signals through stochastic, waiting to motivate the price to resume the main bearish wave, which its next targets located at 125.50 followed by 123.45.

Therefore, we will keep our bearish overview within the bearish channel that appears on the chart, noting that breaching 128.90 followed by 129.70 will stop the expected decline and lead the price to start correctional bullish wave.

The expected trading range for today is between 127.80 support and 129.50 resistance

The expected trend for today: Bearish