FX.co ★ Daily analysis of USD/CAD for May 12, 2016

Overview

The USD/JPY pair shows some slight bearish bias to fluctuate near 108.50, where the price is affected by stochastic negativity seen in the daily time frame. The bullish scenario remains valid and active on the intraday and short-term basis by holding above 106.63 level, waiting for visiting 110.35 level mainly. Note that breaching the expected level will extend the bullish wave to test the most important resistance in the medium term at 113.97. Besides, breaking 106.63 represents a negative factor that will push the price to extend the bearish correctional wave and visit 100.69 level as the next main target.

The expected trading range for today is between 107.80 support and 110.00 resistance.