Daily analysis of USD/JPY for July 10, 2017

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Overview

The USD/JPY pair confirmed that 113.97 has been breached after the pair closed above it last week. This supports our expectations for a further bullish trend on the short-term basis. The price moves within the bullish channel that is displayed in the above chart, waiting for visiting 116.00 level as the next target level. Therefore, we will be waiting for a further rise in the upcoming sessions supported by the EMA50, taking into consideration that breaking 113.97 and then 113.15 levels will stop the expected rise and will push the price to turn to the downside. The expected trading range for today is between 113.15 support and 115.30 resistance.

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