The USD/JPY pair shows slightly positive trading after testing 111.00 level, influenced by stochastic’s positivity. As a result, the pair is losing its bullish momentum clearly and approaching the overbought areas. This supports the chances of a bearsih move with a further correctional bearish bias. Therefore, we still suggest the bearish trend in the upcoming period, supported by the negative formation that has appeared on the above chart. We are waiting for a break of 111.00 to confirm an upward move towards 110.15 directly. Please note that breaching 111.90 will lead the price to start recovery attempts and stop the current correctional bearish pressure. The expected trading range for today is between 110.15 support and 111.90 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The USD/JPY pair shows slightly positive trading after testing 111.00 level, influenced by stochastic’s positivity. As a result, the pair is losing its bullish momentum clearly and approaching the overbought areas. This supports the chances of a bearsih move with a further correctional bearish bias. Therefore, we still suggest the bearish trend in the upcoming period, supported by the negative formation that has appeared on the above chart. We are waiting for a break of 111.00 to confirm an upward move towards 110.15 directly. Please note that breaching 111.90 will lead the price to start recovery attempts and stop the current correctional bearish pressure. The expected trading range for today is between 110.15 support and 111.90 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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