USDJPY presses on the support – Analysis - 01-11-2018

The USDJPY pair provided negative trades yesterday to press on the minor support 112.95 and moves below it now, noticing that the EMA50 provides the positive support to the price, while stochastic reaches the thresholds of the oversold areas, which forms positive factors that we expect to protect the overall positive scenario.

Therefore, we believe that the chances are valid to resume the main bullish trend, which its targets begin at 113.56 and extend to 114.55 after breaching the previous level, taking into consideration that the continuation of the negative pressure and breaking 112.46 followed by 111.97 levels will stop the expected rise and push the price to turn to decline.

Expected trading range for today is between 112.40 support and 113.60 resistance

Expected trend for today: Overall Bullish