USDJPY surpasses the first target – Analysis - 13-04-2017

The USDJPY pair continued its decline yesterday to surpass our first waited target at 109.00 and closed the daily candlestick below it, which confirms the continuation of the negative pressure on the short term basis, easing the way towards targeting 106.63 mainly, which represents 38.2% Fibonacci correction level for the rise that measured from 75.55 to 125.84.

The EMA50 continues to support the suggested bearish wave, which organizes within the bearish channel that appears in the image, being aware that holding below 110.10 is important for the continuation of the current bearish rally, where breaching it will push the price to test 111.65 level initially, before any new attempt to decline.

Expected trading range for today is between 107.50 support and 109.40 resistance.

Expected trend for today: Bearish