USDJPY loses momentum – Analysis - 10-05-2018

The USDJPY pair approached our waited target at 110.04, starting today with bearish bias, affected by the negativity that appears clearly on stochastic, which supports the chances of bouncing bearishly and attempt to return to resume the main bearish trend, especially that the price could not manage to reach last week’s recorded top at 110.03, to show signs of forming descending tops.

Therefore, we suggest witnessing negative trading today, and the first target is represented by testing 109.00, noting that breaking this level will push the price towards 107.98 as a next station, while breaching 110.04 represents the key to extend the correctional bullish wave to reach 111.32 mainly.

Expected trading range for today is between 108.70 support and 110.30 resistance.

Expected trend for today: Bearish