Overview
The USD/JPY pair provided some positive trading yesterday to retest the previously broken 110.85 level and bounces lower from there. That supports the chances for resuming the bearish trend in the upcoming sessions. Notice that stochastic loses its positive momentum clearly to reach the overbought levels. At the same time the negative effect of the double top pattern remains valid. Therefore, these factors support the continuation of the main bearish trend and its next main target is located at 109.00. Be aware that breaching 111.62 level will stop the current negative pressure and pushes the price to test 112.45 level before any new attempt to decline. The expected trading range for today is between 109.50 support and 111.20 resistance.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com https://www.instaforex.com/forex_analysis/89825/?x=BPDZ
via IFTTT
