USDJPY approaches from the target – Analysis - 11-08-2017

The USDJPY pair bounced downwards strongly yesterday to approach from our main waited target at 108.80, which supports the continuation of our bearish overview efficiently in the upcoming period, as the price is organized inside the bearish channel that appears on chart, which hints that the way is open to extend the bearish wave to reach 107.75.

Therefore, we are waiting for more decline on the intraday and short term basis, supported by the negative pressure provided by the EMA50, noting that holding below 109.85 represents important condition to achieve the suggested targets.

Expected trading range for today is between 108.00 support and 109.85 resistance.

Expected trend for today: Bearish