The USDJPY pair faced negative pressure to break the bullish channel’s support line and tests the key support 113.40, which represents 23.6% Fibonacci correction level for the rise measured from 109.12 to 114.70, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line is located at the mentioned support, thus, breaking this level will push the price to achieve intraday bearish correction that targets testing 112.56 as a next main station.
Therefore, we expect to witness negative trades in the upcoming sessions, taking into consideration that breaching 114.20 will stop the suggested negative scenario and lead the price to regain the bullish trend again.
The expected trading range for today is between 113.00 support and 114.00 resistance
The expected trend for today: Bearish
Origin: Economies
