Few pips separated the USDJPY pair from our waited target at 107.40, and the price bounced downwards clearly to start pushing on the minor bullish channel’s support that appears on the chart, which we believe that it forms continuation bearish flag pattern, which means that breaking 106.50 will activate the negative effect of this pattern and push the price to resume the main bearish trend.
Therefore, we suggest the domination of the bearish trend again, waiting to test 105.54 level initially, noting that breaching 107.40 will stop the expected decline and push the price to extend its bearish correction towards 108.53.
Expected trading range for today is between 105.54 support and 107.20 resistance.
Expected trend for today: Bearish