USDJPY tests the key levels – Analysis - 16-08-2018

The USDJPY pair tested the key resistance 111.32 and bounced downwards strongly from there to test 110.60 support, and it could not manage to breach any of them, and as we mentioned yesterday, these levels represent the next trend keys, as the price needs to breach one of them to determine its next destination clearly, which keeps our neutrality valid until now.

We remind you that breaking the mentioned support will push the price to achieve negative targets that start at 110.04 and extend to 109.00 after breaking the previous level, while breaching the resistance will lead the price to recover and target 112.10 followed by 113.38 levels mainly.

Expected trading range for today is between 110.00 support and 111.70 resistance

Expected trend for today: Depends on the above mentioned levels