USD JPY draws negative formation – Analysis - 08/10/2014 The - TopicsExpress

USD JPY draws negative formation – Analysis - 08/10/2014 The USDJPY pair made an attempt to break the horizontal line 108.00 yesterday, as this level represents a neckline for a double top pattern that appears on chart, which means that confirming breaking it will push the price downwards towards 105.80 areas. Now, we need to stay aside in order to monitor the price behavior according to the key levels represented by 108.00 support and 108.90 resistance, as breaching this resistance will allow the price to achieve intraday gains that its main targets begin by testing the previously recorded top at 110.07. Expected trading range for today is between 107.00 support and 109.40 resistance. Expected trend for today: Neutral

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