Overview
The USD/JPY pair traded lower yesterday and approached our initial target at 111.90. The pair came under negative pressure formed by the EMA50. We still suggest the bearish trend for today. Please note that breaking the mentioned level will extend the bearish wave to reach 111.00 directly. Holding below 113.00 is the main condition to continue the expected decline, while breaching it will stop the current negative pressure and lead the price to regain its main bullish track again. The expected trading range for today is between 111.30 support and 113.00 resistance.