USDJPY achieves some bearish correction – Analysis - 08-10-2018

The USDJPY pair provided temporary negative trades in the previous sessions as a bearish correction for the rise measured from 110.38 to 114.55, as the price leaned on 23.6% Fibonacci correction level and begins to rise from there, on its way to return to the intraday bullish channel and resume the main bullish trend again.

Therefore, we suggest the continuation of the bullish trend on the intraday and short term basis, which targets 114.80 followed by 115.50 levels as next main stations, noting that breaking 113.56 will stop the expected rise and put the price under negative pressure that targets 112.96 and might extend to 112.46 before any new attempt to rise.

Expected trading range for today is between 113.30 support and 114.60 resistance

Expected trend for today: Bullish