USDJPY draws positive formation – Analysis - 22-06-2017

The USDJPY pair continues to fluctuate within sideways and tight track since yesterday, and by taking a deeper look at the chart, we find that the price draws bullish pattern that its signs appear on image, thus, the price needs to breach 111.75 level to activate the positive effect of this pattern followed by rallying to continue the bullish trend on the intraday and short term basis.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions supported by the EMA50, and the main waited target is located at 113.97, noting that holding above 110.55 represents key condition to continue the expected rise.

Expected trading range for today is between 110.55 support and 112.50 resistance.

Expected trend for today: Bullish