Daily analysis of USD/JPY for December 13, 2017

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Overview

The USDJPY pair opens trading today with a bearish bias to test the key support of 113.00. Please note that this level represents the meeting point of the EMA50 with the intraday bullish channel's support line besides 23.6% Fibonacci correction. It supports the strength of this level and hints that the chances are valid to continue the overall bullish trend. Therefore, we will keep our bullish overview on the intraday and short term-basis, conditioned by holding above 113.00. Breaking it will push the price to return to the correctional bearish track again, while our positive targets begin at 114.00 and further to 114.73. The expected trading range for today is between 112.50 support and 114.20 resistance.

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