USDJPY breaches the first resistance – Analysis - 09-01-2017

The USDJPY pair rallied to the upside strongly after leaning on the minor channel’s support that appears in the above chart, to breach the resistance of this channel and settles above it, showing that the price in its way to resume the main bullish trend that stopped temporarily recently, waiting for testing 118.35 level as a next main target.

Therefore, the bullish bias will be preferred in the upcoming sessions supported by the EMA50, pointing that breaching the targeted level will extend the pair’s losses to reach 120.00, while the expected rise will remain valid unless breaking 116.85 level and holding below it.

Expected trading range for today is between 116.50 support and 118.50 resistance.

Expected trend for today: Bullish