FX.co ★ Daily analysis of USD/JPY for July 28, 2016

Overview

The USDJPY pair bounced bearishly after approaching from retesting 106.63 levels yesterday and resumed the bearish track that moves inside the minor bearish channel shown on the chart. This alongside the EMA50 supports our bearish overview for the upcoming period. Therefore, we still expect the bearish bias on the intraday and short-term bases, and the next target is located at 100.70. A breach of 106.63 levels will stop the current negative pressure and make the price attempt to regain the main bullish trend. The expected trading range for today is between the 103.00 support and the 106.00 resistance.