USDJPY breaks the support – Analysis - 23-03-2018

The USDJPY pair broke 105.54 level strongly and closed the daily candlestick below it, to activate the bearish trend scenario on the intraday and short term basis, opening the way to test 104.31 level that represents the next main target, noting that breaking this level will extend the bearish wave to reach 103.30.

Therefore, the bearish trend will be expected for today, organized inside the bearish channel that appears on the chart, taking into consideration that the continuation of the expected decline depends on holding below 105.54 and the most important below 106.30.

Expected trading range for today is between 103.80 support and 105.54 resistance.

Expected trend for today: Bearish