After bouncing, the USD/JPY pair is trading lower after hitting 115.50. This allows the price to test the EMA50 that provides the pair with support. Please note that stochastics is approaching the oversold levels now. This action raises our expections that the pair will push higher again. Therefore, we stick to the bullish scenario unless the price breaks 113.97 and holds below it. Our next main target is located at 117.70. The expected trading range for today is between 114.00 support and 116.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
After bouncing, the USD/JPY pair is trading lower after hitting 115.50. This allows the price to test the EMA50 that provides the pair with support. Please note that stochastics is approaching the oversold levels now. This action raises our expections that the pair will push higher again. Therefore, we stick to the bullish scenario unless the price breaks 113.97 and holds below it. Our next main target is located at 117.70. The expected trading range for today is between 114.00 support and 116.00 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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