FX.co ★ Daily analysis of USD/JPY for February 08, 2017

Overview

The USD/JPY pair settled near 112.00, while the EMA50 still puts the price under pressure. Moreover, the stochastic moves near the overbought levels. Therefore, we wait for the price to resume a decline in the upcoming sessions within the bearish channel that appears on the chart. Thus, the bearish trend scenario will remain valid and active in the upcoming sessions, and its next target located at 110.00. To achieve it, the pair should stay below 113.97. The expected trading range for today is between 110.50 support and 113.00 resistance.