USDJPY heads towards the resistance – Analysis - 11-01-2017
The USDJPY pair shows some bullish bias after touching the minor bearish channel's support that appears on chart, to approach from this channel's resistance located at 116.85, as the EMA50 meets the mentioned resistance to add more strength to it, which keeps the bearish trend scenario valid until now, which its main target located at 113.97.
Stochastic loses its positive momentum gradually to approach from the overbought areas, being aware that breaching 116.85 level will push the price to test the most important resistance to the short term and medium term trading at 118.30, which breaching it represents the key to rally towards 120.00 direct.
Expected trading range for today is between 114.70 support and 116.80 resistance.
Expected trend for today: Bearish
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