The USDJPY keeps achieving the correctional targets – Analysis - 11-03-2019

The USDJPY pair traded with strong negativity on last Friday to achieve our waited target at 111.00 and breaks it to reach 110.76, which puts the price under more expected negative pressure for the upcoming period, especially that the price settles below the bullish channel’s support line that appears on the chart.

Therefore, we suggest the continuation of the bearish bias on the intraday basis, supported by stochastic loss to the positive momentum, noting that our next target is located at 110.35, while breaching 111.20 followed by 111.40 levels represent the key to return to the main bullish track again.

The expected trading range for today is between 110.35 support and 111.70 resistance

The expected trend for today: Bearish