The USDJPY breaches the resistance – Analysis - 22-05-2019

The USDJPY pair breached 110.08 level clearly and settled above it, to hint the attempt to regain the main bullish trend, supported by moving above the EMA50, but we notice that stochastic shows clear overbought signals now, which forms negative pressure that might block the mission of achieving more gains.

Therefore, we prefer staying aside until the price confirms breaching 110.86 resistance or breaking 110.08 support, noting that breaching this resistance will push the price to return to the main bullish trend and head towards 112.14 areas mainly, while breaking the support will press on the price to resume the correctional bearish track that its next target located at 109.44.

The expected trading range for today is between 109.80 support and 111.20 resistance

The expected trend for today: Neutral