Daily analysis of USD/JPY for June 22, 2017

USDJPYH4.png

Overview

The USD/JPY pair has been fluctuating sideways in a tight range since yesterday. According to the chart, the price draws bullish pattern, which signs appear on the image; so the price needs to breach 111.75 levels to activate the positive effect of this pattern, enter a rally and continue the bullish trend on the intraday and short-term basis. Therefore, we still expect the bullish trend in the upcoming sessions supported by the EMA50. The main awaited target is located at 113.97. Holding above 110.55 levels conditions continuation of the expected rise. The expected trading range for today is between the 110.55 support and the 112.50 resistance.

The material has been provided by InstaForex Company - www.instaforex.com