USDJPY recovers – Analysis - 15-08-2018

The USDJPY pair continued to rise yesterday to breach the intraday bearish channel’s resistance that appears on the chart, and begins to test the key resistance 111.32, which hints the attempt to stop the recent negative pressure and head to achieve gains on the intraday basis, but we notice that stochastic is overbought now, which might push the price to decline again.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching 111.32 resistance or breaking 110.60 support, noting that breaching this resistance will confirm the continuation of the bullish bias to achieve positive targets that start at 112.00 and extend to 113.38, while breaking the support will push the price to reactivate the bearish trend scenario that its initial targets located at 110.04 followed by 109.00.

Expected trading range for today is between 110.50 support and 112.00 resistance

Expected trend for today: Depends on the above mentioned levels