USDJPY fails to settle positively – Analysis - 10-01-2017

The USDJPY pair couldn’t settle for long time above the minor bearish channel’s resistance, to bounce lower clearly and approach from this channel, which provides signals for facing negative pressure as the price approached from 118.00- 118.35, therefore, we expect that this will lead the price to achieve more of the downside moves in the upcoming sessions.

Therefore, we keep preferring the bearish bias domination on the upcoming trading, supported by the negative pressure that comes from the EMA50 now, pointing that our main waited target represented by testing 113.97 level, while breaching 116.90 level will stop the current decline and leads the price to recovery attempts on the intraday and short term basis.

Expected trading range for today is between 114.00 support and 116.50 resistance.

Expected trend for today: Bearish