USDJPY loses momentum – Analysis - 20-04-2017

The USDJPY pair returns to test 109.00 barrier again, noticing that the last trading is confined within a potential rising wedge pattern, and the price is under the negative pressure that forms by the EMA50, while stochastic loses its positive momentum clearly.

Therefore, we believe that the chances are available for resuming the main bearish trend, affected by the previously completed double top pattern, waiting for heading to 106.63 as a next main station, being aware that breaching 109.30 level will stop the suggested decline and pushes the price to head to 111.65 directly.

Expected trading range for today is between 108.00 support and 109.40 resistance.

Expected trend for today: Bearish