Overview
The USD/JPY pair traded with a strong bearish bias yesterday to surpass our second target at 111.65 and settle below it. This opens the way towards the continuation of the bearish trend on the short-term basis. The price confirmed the return to the bearish channel that is displayed on the chart. Now the pair is waiting for testing 109.60 level as the next main station. Therefore, we will keep the bearish outlook for upcoming sessions. Otherwise, if 112.30 level is breached and the pair holds above it, this will point that breaking 110.50 is required to confirm the extension of the bearish wave to the above mentioned target. The expected trading range for today is between 110.00 support and 112.00 resistance.
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