USDJPY under the negative pressure – Analysis - 01-08-2017

USDJPY under the negative pressure – Analysis - 01-08-2017

1 August 2017, 06:20
Roman Vashchilin

The USDJPY pair succeeded to reach our waited target at 110.15 and attempts to break it now, as the price falls under continuous negative pressure coming by the EMA50, which supports the chances of continuing the bearish trend inside the bearish channel that appears on chart, noting that the chances are valid to confirm breaking the mentioned level followed by extending the bearish wave on the short term basis.

Therefore, we suggest witnessing more decline in the upcoming sessions, and the next target is located at 108.80, taking into consideration that breaching 110.98 will stop the current negative pressure and push the price to attempt to recover some of the recently suffered losses, to head towards 112.32 areas mainly.

Expected trading range for today is between 109.20 support and 111.00 resistance.

Expected trend for today: Bearish

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