USDJPY completes negative pattern – Analysis - 27-02-2017

The USDJPY pair continued to crawl negatively to complete forming double top pattern after breaking 112.60 level, which puts the price under negative pressure that we expect to push the trading towards more of the downside track, especially that the EMA50 forms negative pressure on the intraday trading now.

Therefore, the bearish trend will be preferred in the upcoming sessions, pointing that breaking 111.55 will confirm the extension of the bearish wave to target 110.00 levels mainly, while the suggested decline will remain valid for today unless breaching 112.60 level and holding above it.

Expected trading range for today is between 111.00 support and 113.00 resistance.

Expected trend for today: Bearish