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The USDJPY activates the negative scenario – Analysis - 03-05-2023
The USDJPY pair traded with clear negativity yesterday to break 136.55 level and settles below it, starting today with more decline to move below the bullish channel’s resistance line that appears on the chart, which puts the price under more expected negative pressure for the upcoming period, on its way to achieve negative targets that start at 135.35 and extend to 133.30 after breaking the previous level.
Therefore, the bearish bias will be expected for the upcoming sessions, and the price needs to hold below 136.60 to guarantee the continuation of the bearish wave, as breaching it will lead the price to recover and achieve new gains that start by testing 137.70.
The expected trading range for today is between 135.10 support and 136.60 resistance
The expected trend for today: Bearish
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