The USD/JPY pair traded higher yesterday and settled above 111.00 barrier. The stochastic has clearly lost its positive momentum to reach the overbought areas. It forms a negative factor that may push the price to resume the bearish bias. The bearish wave may extend to target 110.15 areas in the upcoming period. Therefore, we will continue to suggest the bearish trend for today supported by the negative pressure formed by the EMA50. Breaching 111.65 followed by 112.32 levels will push the price to return to the main bullish trend again and shrug off the current correctional bearish pressure. The expected trading range for today is between 110.00 support and 112.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The USD/JPY pair traded higher yesterday and settled above 111.00 barrier. The stochastic has clearly lost its positive momentum to reach the overbought areas. It forms a negative factor that may push the price to resume the bearish bias. The bearish wave may extend to target 110.15 areas in the upcoming period. Therefore, we will continue to suggest the bearish trend for today supported by the negative pressure formed by the EMA50. Breaching 111.65 followed by 112.32 levels will push the price to return to the main bullish trend again and shrug off the current correctional bearish pressure. The expected trading range for today is between 110.00 support and 112.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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