USDJPY breaks the support – Analysis - 20-03-2017

The USDJPY pair traded negatively in last Friday to settle below the bearish channel’s resistance that appears in the above chart, which puts the price under negative pressure on the intraday and short term basis, to make the bearish trend preferred in the upcoming period, supported by the negative pressure that comes from the EMA50.

By looking deeper in the chart, we find that the price completed forming a bearish technical pattern that has targets that reach 110.85, which reinforces the expectation of moving lower on the intraday and short term basis, pointing that holding below 112.80 represents the first protection factor for the suggested negative scenario.

Expected trading range for today is between 111.50 support and 113.00 resistance.

Expected trend for today: Bearish