Daily analysis of USD/JPY for January 12, 2018

Source: Forex Analysis

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Overview

The USD/JPY pair managed to touch our second expected target at 111.00. The pair and has settled near it, falling under the effect of a negative formation that appears on the chart. This supports the chances of breaking the mentioned level and opening the way to extend the bearish wave towards 110.15 as the next target. Therefore, we will continue to suggest the bearish trend in the upcoming sessions, supported by the negative pressure provided by the EMA50. The bearish trend will be in progress unless we witness a clear breach to 111.90, followed by 113.00 levels and held above them. The expected trading range for today is between 110.30 support and 112.00 resistance.

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