FX.co ★ Daily analysis of USD/JPY for May 23, 2016

Overview

The USD/JPY pair continues its attempts to surpass the EMA50 that forms a strong resistance at 110.20. The price needs to breach this level to confirm the extension of the current bullish wave to 113.97. Stochastic's current negativity explains the reasons for the last sideways fluctuation. In general, we still project the bullish trend in the upcoming period unless there is a break of the 106.63 level, which will put the price under the bearish correctional pressure again to extend the bearish wave to 100.70.

The expected trading range for today is between the 109.00 support and the 111.50 resistance.