USDJPY tests the resistance – Analysis - 27-07-2018

The USDJPY pair tested the key resistance formed at 111.32 and begins to rebound bearishly from there, which supports the continuation of the recently suggested bearish trend scenario, which depends on holding below the mentioned level, as the EMA50 meets this level to add more strength to it, while stochastic shows clear overbought signals.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, which its next target located at 110.04, noting that breaching 111.32 will push the price to achieve gains that start at 112.00 and extend to 113.38.

Expected trading range for today is between 110.00 support and 111.40 resistance

Expected trend for today: Bearish