Overview

The USD/JPY pair showed some rise yesterday to approach the key resistance 113.00, noticing that stochastic shows clear overbought signals now. Besides overlapping negatively on the four-hours time frame, which forms a negative motive that we are waiting to assist to push the price to break 111.90 level and open the way to extend the correctional bearish wave towards 111.00. Therefore, we still suggest the bearish trend in the upcoming sessions on the grounds of the negative pressure formed by the EMA50. Please note that breaching 113.00 – 113.25 levels will stop the expected decline and push the price to regain its main bullish track again. The expected trading range for today is between 111.50 support and 113.25 resistance.