Daily analysis of USD/JPY for August 02, 2017

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Overview

The USD/JPY pair attempted to break 110.15 level yesterday but it couldn't hold below it, to rebound bullishly and heads potential test to 110.98 level, noticing that the EMA50 meets the mentioned resistance to add more strength to it, accompanied by stochastic reach the overbought areas. Therefore, we believe that the chances are valid to resume the bearish trend in the upcoming sessions, and the targets begin by breaking 110.15 level to open the way to head towards 108.80, reminding you that breaching 110.98 will lead the price to achieve more gains that target 112.32 areas mainly. The expected trading range for today is between 109.50 support and 111.20 resistance.

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