FX.co ★ Daily analysis of USD/JPY for November 23, 2017

Overview

The USDJPY pair managed to break 111.90 level and rallied towards our waited target at 111.00 directly, showing some slight bullish bias now. The pair might retest 111.90 level before turning back to decline again. We believe that the chances are valid to continue the correctional bearish trend, affected by the bearish formation as its signs have appeared on the chart. Therefore, we are waiting for more decline in the upcoming sessions. Breaking 111.00 will push the price towards 110.15 as a next station, while breaching 111.90 is considered to be the first sign to attempt to stop the current correctional bearish trend and regain the main bullish trend again.The expected trading range for today is between 110.15 support and 111.90 resistance.