USDJPY touches the target – Analysis - 13-01-2017

The USDJPY pair succeeded to touch our main waited target at 113.97, finding solid support there that pushed the price to achieve some gains on the intraday basis, as the price moves inside a minor bearish channel that appears on chart, heading towards potential visit to this channel's resistance at 116.55.

Therefore, we expect to witness more rise in the upcoming period, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaching it represents the key to extend the pair's gains to reach 118.30 as a next main station, while the expected bullish trend will remain valid unless breaking 113.97 and holding below it.

Expected trading range for today is between 114.50 support and 116.20 resistance.

Expected trend for today: Bullish