The USDJPY begins bearish correction – Analysis - 27-04-2022

The USDJPY pair broke the bullish channel’s support line and settled below it, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that supports the chances of starting correctional bearish wave for the rise that started from 114.65 areas, targeting testing 125.92 level as a first target.

Therefore, the bearish bias will be expected for today, noting that breaking the targeted level will extend the correctional bearish wave to reach 123.75 on the near term basis, while breaching 128.05 represents the key to regain the main bullish trend again.

The expected trading range for today is between 126.40 support and 127.70 resistance

The expected trend for today: Bearish