FX.co ★ Daily analysis of USD/JPY for June 08, 2018

Overview

The USD/JPY pair could not manage to hold above 110.04 level for long. The price fell under negative pressure that pushes the price below the mentioned level. We notice that stochastic is showing positive signals that might enable the price to rise again. Therefore, we prefer to stay aside until the price confirms its next destination clearly through breaching 110.04 resistance or breaking 109.00 support. Please note that breaching this resistance will push the price towards 111.32 as the next upward target, while breaking the support will push the pair to return to the main bearish path again with its next target located at 108.00. The expected trading range for today is between 109.00 support and 110.50 resistance.