USDJPY breaks the support – Analysis - 09-08-2018

The USDJPY pair broke 111.32 level clearly and settled below it, to activate the bearish trend scenario on the intraday and short term basis, targeting testing 110.04 areas initially.

On the other hand, we notice that the price draws double top pattern now, its confirmation line located at 110.60, which means that breaking this level will push the price to extend its losses towards 108.00 areas.

Therefore, the bearish trend will be suggested in the upcoming period unless breaching 111.32 level and holding above it.

Expected trading range for today is between 109.80 support and 111.32 resistance

Expected trend for today: Bearish