USDJPY breaches the resistance – Analysis - 08-01-2018

The USDJPY pair breached the key resistance 113.00 and settled above it, hinting the price head to regain the bullish trend, but it faced good resistance formed by the previously broken support of the intraday bullish channel that appears on the chart, supported by stochastic negativity to block the price attempts to achieve more rise.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, waiting to breach 113.35 resistance or breaking 113.00 support to detect the next targets, noting that breaching the mentioned resistance will confirm regaining the bullish trend that its next target located at 114.73, while breaking the support will push the price to return to the correctional bearish track that its next target located at 111.90.

Expected trading range for today is between 112.30 support and 114.00 resistance.

Expected trend for today: Depends on the above mentioned levels