USDJPY touches the waited target – Analysis - 21-08-2017

The USDJPY pair succeeded to touch our main waited target at 108.80 and bounced bullishly affected by the strength and sensitivity of this level for the short term trading, as breaking this level will extend the pair's losses to reach 107.50 as a next main station, noticing that stochastic approaches from providing negative overlapping signal that we believe it will assist to achieve the mentioned break, besides that the EMA50 forms continuous negative pressure on the price.

Therefore, we believe that the chances are valid to continue the bearish trend on the intraday and short term basis unless breaching 110.09 followed by 110.93 levels and holding above them, as breaching the last level will push the price for more bullish correction that its next targets reach to 112.29.

Expected trading range for today is between 108.10 support and 110.09 resistance.

Expected trend for today: Bearish