USDJPY declines strongly – Analysis - 17-08-2017
The USDJPY pair bounced downwards strongly yesterday after facing solid resistance at 110.93, to break 110.09 level by today's opening and closes the last four hours' candlestick below it, which stops the recently suggested correctional bullish scenario and push the price to return to the main bearish trend again, targeting testing the recently recorded low at 108.80 initially.
Therefore, the bearish trend will be suggested in the upcoming sessions supported by moving below the EMA50, taking into consideration that breaching 110.93 will push the price back to the correctional bullish track that its next targets located at 111.61 followed by 112.29.
Expected trading range for today is between 108.80 support and 110.50 resistance.
Expected trend for today: Bearish
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