FX.co ★ Daily analysis of USD/JPY for May 24, 2018

Overview

The USD/JPY pair succeeded to achieve our first waited target at 110.04, and we notice that the price attacks this level to break it and moves below it now, which supports the chances for the bearish wave extension to target 109.00 level on the near basis. Therefore, the bearish trend will remain the dominant in the upcoming sessions unless breaching 110.40 level and holding above it. The expected trading range for today is between 109.00 support and 110.60 resistance.