USDJPY achieves some gains – Analysis - 17-01-2019

The USDJPY pair traded positively yesterday to test the key resistance 109.16, and it finds solid resistance there, to move within sideways track between the mentioned resistance and 108.09 support, which makes us prefer staying aside now until the price manages to surpass one of these levels and detect its next destination clearly.

The contradiction between the EMA50 positivity and stochastic negativity provides another reasons for neutrality, noting that breaking the mentioned support will push the price to resume the main bearish trend that its next target located at 106.77, while breaching the resistance represents the key to extend the correctional bullish wave to reach 110.24.

Expected trading range for today is between 108.09 support and 110.00 resistance

Expected trend for today: Depends on the above mentioned levels