USDJPY declines calmly – Analysis - 24-02-2017

The USDJPY pair provided slight negative trading yesterday to settle below 113.00, while the sideways track still dominating the intraday trading, and the price needs to breach one of the key levels represented by 111.75 support and 113.97 resistance to confirm the next destination clearly.

The contradiction between stochastic positivity and the EMA50 negativity forms another reason for the current sideways fluctuation, noting that breaching 113.97 will push the price to recover and achieve gains that mainly reach to 118.00, while breaking 111.75 will push the price to return to the previously breached bearish channel followed by targeting 110.00 areas initially.

Expected trading range for today is between 111.75 support and 113.90 resistance.

Expected trend for today: Sideways