USDJPY under the negative pressure – Analysis - 06-08-2018

The USDJPY pair faced negative pressure in the previous sessions to attack 111.32 level and settles around it, as it moves below the bullish channel’s support line and below the EMA50, while stochastic shows positive signals that might assist to protect the price from suffering more losses.

Now, we prefer staying aside temporarily until we get a clearer signal for the next trend, which we will get through confirming breaking 111.32 support or breaching 111.74 resistance, noting that breaking the mentioned support will push the price to head towards 110.04 as a next main station, while breaching the resistance will reactivate the positive scenario that its next target located at 113.38.

Expected trading range for today is between 110.50 support and 112.00 resistance

Expected trend for today: Neutral