FX.co ★ Daily analysis of USD/JPY for October 21, 2016

Overview

The USD/JPY pair has been trading positively since yesterday. It surpassed 104.00 barrier and settled above it, which supports continuation of our bullish trend expectations efficiently for the upcoming period. The way is open for the price to head towards our main target located at 106.63. Therefore, we are waiting for more positive trading on the intraday and short term basis. Note that breaking the 102.85 level will invalidate the positive scenario temporarily and push the price to test 100.70 areas before any new attempt to rise. The expected trading range for today is between 103.20 support and 105.50 resistance.