Overview
The USD/JPY pair is trading with a bullish bias after touching 109.00 level, and it might test 110.04 level before turning back to decline again. By taking a deeper look at the chart, we find that the price is drawing a bearish pattern that its confirmation line is located at 109.00. This means that breaking this level will push the price to target 108.00 followed by 106.71 levels as next main stations. Therefore, we still suggest the bearish trend in the upcoming period unless breaching 110.04 level and holding above it. The expected trading range for today is between 108.60 support and 110.20 resistance.
