The USDJPY pair rose to test the resistance area formed by the exponential moving average 100, to keep the price within the correctional bearish track, confined inside the descending channel that appears on the below chart.
Therefore, the decline still expected in the coming period, and the first target at 112.00, noting that breaking this level will push the price to the next correctional level at 109.94, while surpassing 114.54 to the upside will stop the bullish retracement and allow the price to return to the bullish trend again.
Support & Resistance:
Support 112.50 112.00 111.40
Resistance 113.80 114.54 115.50
Recommendation USDJPY is negative below 113.80, target at 113.00 then 112.00, risk limit above 114.54.
Reverse scenario The USDJPY will be positive above 114.54, target at 115.50 then 116.00, risk limit below 113.80
Therefore, the decline still expected in the coming period, and the first target at 112.00, noting that breaking this level will push the price to the next correctional level at 109.94, while surpassing 114.54 to the upside will stop the bullish retracement and allow the price to return to the bullish trend again.
Support & Resistance:
Support 112.50 112.00 111.40
Resistance 113.80 114.54 115.50
Recommendation USDJPY is negative below 113.80, target at 113.00 then 112.00, risk limit above 114.54.
Reverse scenario The USDJPY will be positive above 114.54, target at 115.50 then 116.00, risk limit below 113.80
