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USDJPY tests the resistance – Analysis - 22-01-2018
The USDJPY pair approaches to test the key resistance 111.00 now, which represents the meeting point of the bearish channel’s resistance with 50% Fibonacci correction level, noticing that the EMA50 meets this level to add more strength to it, while stochastic loses its positive momentum gradually.
Therefore, we believe that the chances are valid to continue the decline in the upcoming period, as our next main target is located at 110.15, noting that breaking this level will extend the pair’s losses to reach 109.06 as a next station, while breaching 111.00 represents the first positive key to get rid of the current correctional bearish pressure.
Expected trading range for today is between 110.00 support and 111.40 resistance.
Expected trend for today: Bearish
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GBPUSD achieves some bearish correction – Analysis - 22-01-2018
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