The USDJPY pair rallied upwards strongly yesterday to breach 105.50 and achieve bullish correction for the bearish wave that start from 109.32 to 105.05, noticing that the price found solid resistance at 38.2% Fibonacci correction level, to start bouncing bearishly from there, accompanied by stochastic loss to the positive momentum and reaching the overbought areas.
Therefore, we believe that the chances are valid to resume the main bearish trend, which its next main target located at 104.60, while breaching 106.70 represents the key to extend the correctional bullish wave to reach 107.70 as a next station.
The expected trading range for today is between 105.50 support and 107.00 resistance
The expected trend for today: Overall Bearish