USD JPY draws negative possibility 11/02/2013

The pair trades negatively last Friday, to be fluctuating around the EMA50, and with a deeper look in the chart, we find that the price is approaching from drawing a head and shoulders pattern, it’s neckline exists at 92.25, therefore, breaking below this level will provide bearish targets extend to reach 90.25

On the other hand, rising and surpassing 93.25 will bring the positive momentum back again, accordingly, monitoring the price behavior when reaching the mentioned level is required, to define the upcoming trend accurately.

Expected trading range for today is between 91.40 support and 93.50 resistance.

Expected trend for today: depends on the above mentioned levels