USDJPY Price Analysis
Expected Scenario
- The USDJPY price provided sharp negative trades yesterday evening, breaking below 155.50 and approaching the 38.2% Fibonacci correction level at 152.60.
- The price attempts to recover and move above the first level now, but we will depend on the daily close achieved below 155.50 to suggest more decline in the upcoming sessions.
- The price needs to trade below 155.50 again to confirm heading towards 152.60 as the next main target.
- Therefore, we expect to witness new negative trades today, with the consolidation of 155.50 against the negative pressure stopping the negative scenario and leading the price to resume the main bullish track again.
Expected Trading Range
Between the support at 154.50 and the resistance at 156.70.
Trend Forecast: Bearish