Daily analysis of USD/JPY for October 12, 2017

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Overview

The USD/JPY pair finds difficulty to surpass the EMA50 that forms good intraday resistance at 112.50, and the price needs to surpass this level to be released from the current negative pressure followed by resuming the expected bullish trend for the upcoming period, which its next target located at 114.49. In general, we will continue to suggest the bullish trend unless breaking 112.00 level and holding below it, as breaking this level will push the price to extend its bearish correction towards 111.10 areas, and might extend to 110.38 before any new attempt to rise. The expected trading range for today is between 111.80 support and 113.44 resistance.

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