FX.co ★ Daily analysis of USD/JPY for January 30, 2017

Overview

The USD/JPY pair is showing clear bearish bias as a result of testing the key support 113.97. As we mentioned in our recent reports, breaking this level will put the price under the negative pressure again with the first downward target at 112.55 and later at 110.55. Stochastic approaches from the oversold areas to form a bullish momentum that we are waiting to push the price upwards again. Thus, the bullish trend will remain valid until now unless we witness a clear break and the price holds below 113.97. Let me remind you that breaching 115.60 will open the way to rally towards 118.00 as a next main target of the bullish wave. The expected trading range for today is between 113.60 support and 115.60 resistance