The USDJPY pair broke 111.65 level clearly and ended yesterday’s trading below it, to open the way to start bearish correction on the intraday basis, showing more decline today to surpass 38.2% Fibonacci correction level located at 111.40, which pushes the price to continue the decline in the upcoming sessions, targeting visiting 111.00 as a next main station.
Therefore, the bearish bias will be suggested in the upcoming sessions, noting that surpassing 111.00 will extend the bearish wave to reach 110.35 on the near term basis, while breaching 111.65 represents the key to stop the current negative pressure and return to resume the main bullish trend again.
The expected trading range for today is between 110.50 support and 112.00 resistance
The expected trend for today: Bearish