USDJPY is stable – Analysis - 24-03-2017

The USDJPY pair settles near the broken support at 111.65 and keeps its stability below this level, to turn this level to an important resistance now, where holding below it represents an important condition for the continuation of the expected bearish trend on the short term basis, targeting 109.00 levels on the near term basis.

Therefore, we keep preferring the bearish trend in the upcoming period, pointing that breaking 110.85 level will ease the price mission to head to the above mentioned target, while the expected decline will remain valid unless breaching 111.65 then 112.70 levels and holding above it.

Expected trading range for today is between 110.00 support and 112.20 resistance.

Expected trend for today: Bearish