USDJPY surpasses the first target – Analysis - 11-01-2018

The USDJPY pair succeeded to break 111.90 level and rallied to approach our next waited target at 111.00, which reinforces the expectations of continuing the correctional bearish trend in the upcoming period, noting that breaking the last level will push the price towards 61.8% Fibonacci correction level at 110.15.

Stochastic current positivity pushes the price to retest 111.90 before turning back to decline again, while in general, the bearish bias will remain suggested unless the price managed to breach 113.00 level and hold above it.

Expected trading range for today is between 110.80 support and 112.50 resistance.

Expected trend for today: Bearish