The USDJPY pair faced clear negative pressure in the previous sessions to attack 109.00 level and move below it now, and begins to push on the bullish channel’s support line that appears on the chart, which hints the price return to resume the main bearish trend after touching 61.8% Fibonacci correction recently.
Therefore, we expect witnessing negative trading today, supported by moving below the EMA50, noting that our first target is located at 107.98, while breaching 109.00 represents positive key that will reactivate the bullish trend scenario and head to test 110.04 level again.
Expected trading range for today is between 107.90 support and 109.60 resistance.
Expected trend for today: Bearish