25.06.2019
United States dollar fluctuated in a narrowly bullish range during the US session to see its rebound for the second consecutive session from its lowest level since Jan. 3 against the Japanese yen amid a lack of economic data earlier this week by the Japanese economy, the world's third largest economy and counterpart The US economy is the world's largest economy on Tuesday as the G-20 summit awaits.
The USD/JPY pair opened today's trading session with a significant bearish trend, where it crossed the 107.00 barrier, reinforcing expectations for a continuation of the bearish trend in the coming period, which is formed within the descending channel, supported by the negative pressure formed by SMA 50, noting that our awaited targets start at 106.75 and extend to 106.00.
In contrast, we note that a break of 107.80 will stop the suggested decline and push the price to test the level of 108.50 before returning to the downside again.
The trading range for today is expected among the support at 106.30 and the resistance at 107.70.
The general trend for today is bearish.
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