Overview
The USD/JPY pair found solid resistance at 118.30 and failed to breach it. The pair aims to rebound notably and approach from the key support at 115.90. The pair resumes trading inside of a narrow bearish channel shown in the minor image. This hints that the potential decline is to visit 113.97 in the short run. Therefore, the bearish bias will be expected in the upcoming sessions supported by the negative pressure provided by the EMA50. Besides, we should take into consideration that breaching 117.10 followed by 118.40 will stop the expected decline and lead the price to regain its overall bullish bias again. The expected trading range for today is between 115.20 support and 117.10 resistance.
