Daily analysis of USD/JPY for August 03, 2017

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Overview

The USD/JPY pair tested the key resistance 110.98 yesterday and kept its stability below it, to resume its negative trading now after facing solid resistance formed by the EMA50, waiting for more decline in the upcoming sessions. Therefore, we will continue to suggest the bearish trend on the intraday basis conditioned by holding below 110.98, as breaching this level will push the price to head towards 112.32 before any new attempt to decline, while the expected bearish wave targets begin by breaking 110.15 level to confirm extending the decline towards 108.80. The expected trading range for today is between 109.50 support and 111.20 resistance.

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