USD JPY negotiates the moving average 03/05/2013

The pair rallied to the upside yesterday at the EMA50, where the trading remains below it now, while Stochastic gets ready to provide negative signal that might push negatively on the intraday bearish.

Until now, we need to confirm surpassing one of the critical levels between 96.85 support and 98.10 resistance to confirm the pair’s next trend on the intraday and short term basis, where breaching above 98.10 will lead initially to target the psychological barrier at 100.00, while breaking below the support will get the price out of the bullish channel and turns the trading towards the downside.

Expected trading range for today is between 96.75 support and 99.00 resistance.

Expected trend for today: depends on the abovementioned levels