Overview

The USD/JPY pair bounced bullishly after forming the 111.75 solid support against the price recent negative attempts and stack between the mentioned support and the 112.80 resistance, which represent 61.8% and 76.4% Fibonacci correction levels, respectively. Therefore, we expect sideways trading between these levels until the price manages to breach one of them. Note that breaking the mentioned support will push the price to resume the main bearish trend, which main targets begin at 110.06 and extend to 109.00; while breaching the resistance represents the key to extend the pair's gains to reach the previously recorded top at 114.49 as the next main station. The expected trading range for today is between the 111.50 support and the 113.20 resistance.