USDJPY approaches from the target – Analysis - 12-04-2017

The USDJPY pair resumed its negative trading strongly to approach from our first waited target at 109.00, to keep the price organized within the bearish channel that appears in the image, affected by the previously completed double top pattern, which has negative targets that extend on the short and medium term basis to reach 107.45 then 106.63 as next main stations.

Therefore, the bearish trend will remain preferred in the upcoming period, supported by the EMA50, pointing that holding below 110.10 represents the first condition for the continuation of the suggested bearish wave.

Expected trading range for today is between 108.50 support and 110.10 resistance.

Expected trend for today: Bearish