USDJPY completes the negative pattern – Analysis - 13-08-2018

The USDJPY pair opened today’s trading with strong negativity to break 110.60 level and rallies downwards towards the first waited negative target at 110.04, to complete forming the double top pattern that appears on the chart, paving the way to extend the bearish wave on the short term basis, noting that surpassing the mentioned target will push the price to target 109.00 followed by 108.00 levels as next main stations.

Therefore, the bearish bias will remain dominant in the upcoming sessions unless breaching 110.60 and the most important 111.32 levels and holding above them.

Expected trading range for today is between 109.00 support and 111.00 resistance

Expected trend for today: Bearish