The USDJPY under the negative pressure – Analysis - 31-05-2023

The USDJPY pair shows more bearish bias to move below the bullish channel’s resistance line, to hint the beginning of potential bearish correction for the last bullish wave, but we notice that the technical indicators provide positive signals that might assist to push the price to recover again.

Therefore, we prefer to stay aside until we get clearer signal for the next trend, through breaking 139.20 support or breaching 140.05 resistance, noting that breaking the mentioned support will push the price to achieve bearish correction that its next target reaches 138.20, while breaching the resistance represents the key to resume the main bullish trend that targets 141.00 as a next positive station.

The expected trading range for today is between 138.90 support and 140.60 resistance

The expected trend for today: Neutral