USDJPY declines calmly – Analysis - 19-04-2017

The USDJPY pair returned to decline after the temporary rise that appeared in the last sessions, to settle at the bearish channel’s support that appears in the image, and the negative effect of the double top pattern remains active until now, which signals that the price in its way for more of the downside moves in the upcoming period, waiting for visiting our next target at 106.63.

Therefore, our bearish trend expectations will remain valid for today, supported by the negative pressure that comes from the EMA50, taking into consideration that breaching 109.40 level will stop the current decline and leads the price to test 111.65 levels again.

Expected trading range for today is between 107.50 support and 109.40 resistance.

Expected trend for today: Bearish