USDJPY confirms the break – Analysis - 18-01-2017

The USDJPY pair traded with strong negativity yesterday to move away from 113.97 level, which supports the continuation of our bearish trend expectations efficiently in the upcoming period, supported by the negative pressure that comes from the EMA50, where the price approached from our first main waited target at 111.97, waiting for more of the downside moves to head towards 109.90 as a next main station.

Therefore, we will keep preferring the bearish trend in the upcoming period, which organized within the bearish channel that appears in the image, being aware that breaching 113.97 will stop the expected decline and pushes the price to test 115.50 level before any new attempt to decline.

Expected trading range for today is between 111.97 support and 113.97 resistance.

Expected trend for today: Bearish