USDJPY returns to the sideways range – Analysis - 05-10-2017

The USDJPY pair ended yesterday’s trading below 112.80 level to return to the sideways range, noticing that stochastic approaches from providing negative overlapping signal that might push the price to provide more of the negative trading in the upcoming sessions to visit the mentioned range’s support that located at 111.75.

Therefore, the sideways bias will be preferred in the upcoming period until the price manage to breach one of the above mentioned levels, pointing that breaching 112.80 will push the price to head to the recorded top at 114.49 as a next main target, while breaking 111.75 will push the price to return to the main bearish trend, and its initial targets located at 110.90 then 110.06.

Expected trading range for today is between 112.00 support and 113.50 resistance.

Expected trend for today: Sideways