Daily analysis of USD/JPY for July 12, 2017

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Overview

The USD/JPY pair retreated downwards clearly after approaching the 114.50 barrier yesterday. The pair aims to push on the bullish channel's support that appears on the chart and is moving below it now. It means the price is about to start bearish correction before the rise that started from 108.80 areas, as the first correctional level is located at 113.15. Therefore, the bearish bias is expected in the upcoming sessions. Breaking 113.15 will confirm the way towards 112.32 as the next main station, while breaching 113.65 followed by 114.00 will stop the current bearish bias and lead the price to resume the bullish trend again. The expected trading range for today is between 112.32 support and 114.20 resistance.

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