Currency pair analysis for today, October 18th: USDJPY

The dollar against the yen pair crossed our first awaited target at 114.00 and fluctuated around the ascending channel’s resistance, and started attempts to gather positive momentum on the intraday time frames, waiting for a positive stimulus that contributes to pushing the price to continue rising, noting that our next target is at 114.70.

Stability above 113.70 is important for the continuation of the bullish trend, as breaking it will pressure the price to test the ascending channel's support around 112.75 before any new attempt to rise.

The expected trading range for today is between 113.70 support and 115.00 resistance

The forecast trend for today: bullish