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Overview

The USD/JPY pair was trading upwards yesterday to retest the previously broken support of the bullish channel as appears on the chart. This hints that the pair is going to resume the bearish bias in the upcoming period, which is considered as a bearish correction for the bullish wave measured from 101.17 to 113.88. Therefore, the bearish bias is suggested on the intraday and short-term basis, unless the price managed to breach 112.78 and the most important 113.88. Please be aware that the correctional targets are seen at 110.88 and 109.05 after breaking the previous level. The expected trading range for today is between 110.88 support and 113.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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