USDJPY draws negative formation – Analysis - 28-05-2018

Economies.com
2018-05-27 23:52PM UTC

The USDJPY pair shows some bullish bias after touching 109.00 level, and it might test 110.04 level before turning back to decline again.

 

By taking a deeper look at the chart, we find that the price draws bearish pattern that its confirmation line located at 109.00, which means that breaking this level will push the price to target 108.00 followed by 106.71 levels as next main stations.

 

Therefore, we will continue to suggest the bearish trend in the upcoming period unless breaching 110.04 level and holding above it.

 

Expected trading range for today is between 108.60 support and 110.20 resistance.

 

Expected trend for today: Bearish

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