Daily USD\JPY Analysis

One of our favorite patterns - the Asymmetric Triangle - formed lately at the USD\JPY pair. Support level is close to 95.0 (round number - strong support) and Resistance is built from three touches of price. Support level is extremely strong as it was tested for 7 times and very respected by price. We should expect price to touch Resistance again, bounce and continue its way down, breaking the Support level. This pattern is 50 pips in size and this is the projected target we would expect price to reach. Nevertheless, anything is possible and we would take trades only when this pattern is confirmed - when price breaks Support level.