The USDJPY pair has broken below the 148.95 level and is currently holding below it. This strengthens expectations for the continuation of the bearish trend in the upcoming sessions, with the main target set at 147.30.
A closer look at the chart reveals the formation of a double top pattern, with the confirmation line at 148.30. Surpassing this level would likely encourage further declines that go beyond the previously mentioned target.
Therefore, the bearish trend is expected to persist in the near term unless the pair manages to breach 149.15 and hold above it.
Expected trading range for today: 147.70 support to 149.20 resistance.
Expected trend for today: Bearish.