The USDJPY hits the first target – Analysis - 05-04-2023

The USDJPY pair declined strongly yesterday to succeed achieving our first waited target at 131.60, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that supports the expectations of continuing the bearish trend on the intraday and short term basis, to head towards visiting 130.40 that represents our next target.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by moving below the EMA50, taking into consideration that holding below 132.20 represents the first condition to continue the suggested bearish wave, while breaking 131.30 represents negative factor that will ease the mission of continuing the decline towards the above mentioned target.

The expected trading range for today is between 130.40 support and 132.00 resistance

The expected trend for today: Bearish