Overview

The USD/JPY pair holds below the bearish channel's resistance, keeping the negative pressure valid until now, which is supported by the EMA50. Stochastic heads towards the overbought areas, waiting to resume the bearish bias in the upcoming sessions. Therefore, we are waiting for downwards trading in the upcoming sessions with the targets beginning at 109.00 and further towards 106.63. A breach of 111.85 will stop the current negative pressure and push the price to test the 113.97 areas on the near-term basis. The expected trading range for today is between the 110.50 support and the 112.30 resistance.