Overview

The USD/JPY pair carried on with its decline to succeed touching our yesterday's projected target at 109.05. Please note that the price continues the negative pressure and attempts to break the mentioned level which supports the chances of a further bearish trend on the longer term basis. In case the break is confirmed, this will extend the pair's losses to reach the previously recorded low at 107.28 as a next main station. Therefore, the bearish trend remains valid for today. Please be aware that breaching 109.45 might push the price to test 110.15 areas before any new attempt to decline. The expected trading range for today is between 108.00 support and 110.00 resistance.