Daily analysis of USD/JPY for January 31, 2017

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Overview

The USD/JPY pair broke 113.97 level and settled below it, making the recently suggested positive scenario invalid. The price resumed its decline and attempted to return to the bearish channel, pressured by the EMA50. Therefore, we suggest the bearish bias in the upcoming sessions. The targets begin at 112.55 followed by 110.55. On the other hand, breaching the level of 113.97 will reactivate the positive scenario with the main target lying at 115.60. The expected trading range for today is between 112.50 support and 114.20 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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