FX.co ★ Daily analysis of USD/JPY for February 29, 2016

Overview

According to the attached daily chart, the USD/JPY pair retested the 113.97 level successfully and traded steadily below this level to bounce bearishly in attempt to resume the main bearish track. Therefore, these factors make us keep our overall bearish trend expectations. Expected moves are affected by the completion of the previously completed double top pattern, waiting for heading towards 110.00 then 106.63 levels as the next main station. The continuation of the expected bearish trend is conditioned by holding below 113.97 and, most important, below 116.14.

The expected trading range for today is between 112.00 support and 113.97 resistance.