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Expert In



Daily analysis of USD/JPY for May 16, 2016



The USD/JPY pair found difficulty to confirm surpassing of the 109.00 barrier to trade negatively again. It is hovering around the 108.60 level as the price is affected by the negative momentum. We are waiting for positive momentum that will push the price to resume the bullish wave again. In general, we will continue to suggest the bullish trend on the intraday and short-term basis as long as the price is above 106.63, waiting to test the 110.35 level. It is necessary to remember that breaking of the 106.63 level will put the price under more bearish correctional pressure. Its next target is located at 100.69.

The expected trading range for today is between the 108.00 support and the 110.00 resistance.

The material has been provided by InstaForex Company -