The USDJPY pair faces strong negative pressure to break 109.65 and reach 109.22 level now, which urges caution from the upcoming trading, as continuing the decline and breaking the last level will put the price within the bearish track again and lead to achieve more negative targets.
We prefer staying aside now until the price confirms its situation according to 109.22 level followed by detecting its next destination clearly, noting that breaking it will push the price to head towards 107.70 areas on the near term basis, while consolidating above it will lead the price to resume the bullish trend that its main targets located at 111.00 followed by 111.70.
The expected trading range for today is between 108.60 support and 110.00 resistance
The expected trend for today: Neutral
Origin: Economies
