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USD/JPY is currently trading inside the corrective range of 111.60 to 113.00 where the market is currently following a bearish bias. JPY has been dominating over USD for last few days. The pair is expected to be indecisive in the coming days as the market sentiment is currently quite USD biased amid the likelihood for the rate hike decision in December. This week, FOMC Meeting is due which is also expected to help in the gains of the USD against all the currencies in the market, whereas the JPY gains might get some interruptions along the way. Today, Japan's All Industry Activity report was published with a negative value of -0.5% decreasing from the previous value of 0.2% which was expected to be at 0.4%. The worse-than-expected economic report did not affect JPY's growth and the bearish bias is still intact. On the other hand, today US Existing Home Sales report is going to be published which is expected to increase to 5.42M from the previous figure of 5.39M. If the economic report comes better than expected, then we might see some spikes in the market today which might lead to gains on the USD side. As of the current scenario, JPY is likely to gain some momentum in short term as worse economic report could not stop its gains. So any positive economic report from the US will have an impact on JPY gains which may change the current bias in the market. The market is still quite indecisive and any strong economic outcome on either side will have its upcoming directional move.
Now let us have a look at the technical chart. The price is currently showing some bearish pressure, bouncing off the dynamic level of 20 EMA below the horizontal resistance of 113.00. This area has been quite corrective. The volatile phase of price action earlier is expected to continue its history as well in the coming days. The price is projected to proceed down towards 111.60 support area before it bounces off the level with a bullish pressure towards 113.00 and later towards 114.50 resistance area in the coming days. The 111.60 level has been quite strong earlier, showing some bullish pressure off the level which is expected to hold the price this time as well.
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