The USDJPY achieves strong gains – Analysis - 03-08-2020

The USDJPY pair rallied upwards strongly in the previous sessions to breach 105.20 and touches 106.44 direct, noticing that this level forms solid resistance against the price, to start bouncing bearishly from there, supported by the positive signal provided by stochastic, to suggest witnessing more decline in the upcoming sessions, waiting to test 105.20 initially.

Therefore, the bearish bias will be expected for today, and breaking 105.20 will push the price to 103.65 on the near term basis, while the expected decline will remain valid conditioned by the price stability below 106.44.

The expected trading range for today is between 104.90 support and 106.44 resistance

The expected trend for today: Bearish