JPY Analysis 05-07-2021

The dollar against the yen pair rebounded significantly after it found a strong resistance at the 111.70 level, and according to the rules of trading within the price channels, the price is on its way to achieving an additional decline that targets visiting the 110.15 level before returning to rise again.

Therefore, we expect to witness more decline in the upcoming sessions, unless the price rushes to breach 111.70 and stabilize above it.

The expected trading range for today is between the support 110.50 and the resistance 111.70

The forecast general trend for today: Bearish