USDJPY completes the negative pattern – Analysis - 30-05-2018

The USDJPY pair succeeded to confirm breaking 109.00 level and rallied bearishly to approach our first negative target at 108.00, to activate the negative effect of the head and shoulders’ pattern that its signs appear on the chart, waiting to break the mentioned level to open the way to extend the bearish wave towards 106.71.

Therefore, the bearish bias will remain dominant on the intraday and short term basis unless breaching 109.00 and the most important 110.04 levels and holding above them.

Expected trading range for today is between 107.60 support and 109.20 resistance.

Expected trend for today: Bearish