USDJPY resumes the decline – Analysis - 22-03-2017

The USDJPY pair traded negatively yesterday after testing the bearish channel’s resistance that appears in the image, to begin pushing in the sideways range’s support that appears in the above chart, which supports the continuation of the expected bearish trend scenario efficiently in the upcoming period, pointing that confirming breaking 111.65 will confirm the extension of the bearish wave on the short term basis.

Therefore, our bearish trend expectations will remain valid on the intraday and short term basis, and the next target located at 110.85, taking into consideration that holding below 112.90 represents an important condition for the continuation of the expected decline.

Expected trading range for today is between 110.50 support and 112.20 resistance.

Expected trend for today: Bearish