Overview
The USD/JPY pair opens today's trade with a clear rise to breach 105.54 level and settle above it. This urges caution about the upcoming trading as a further bullish rally and surpassing 106.05 will stop the overall negative scenario and lead the price to turn upwards. Now, we depend on the daily close below 105.54 to keep our overall bearish trend expectations, supported by the negative pressure formed by the EMA50. Besides, stochastic negativity appears clearly on the four-hour time frame and we are waiting to head towards 104.60 followed by 103.20 levels as the nearest main stations. The expected trading range for today is between 104.60 support and 106.30 resistance.
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