FX.co ★ Daily analysis of USD/JPY for May 24, 2016

Overview

The USD/JPY pair bounced lower after it failed to surpass the EMA50 located now at 110.20, where the price is affected by stochastic negativity shown on the daily time frame. It might push the price to make a temporary bearish correction before resuming the short-term bullish bias. Until now, the bullish trend scenario remains valid as long as the price is above the 106.63 level; the price is likely to breach the 110.20 level to open the way towards targeting the 113.97 level as the next main station. A break of the 108.64 level will extend the intraday bearish wave to reach 107.45 and it might extend to 106.63 before any new attempt to rise.

The expected trading range for today is between the 108.05 support and the 110.60 resistance.