Morning Report

The USD/JPY pair is on its way to reach our suggested support level currently at 92.55, where we still wait for a rebound to the upside from this level in an attempt to complete a possible bullish technical pattern, as seen in the image above. The stochastic indicator is nearing an oversold area, which may be triggered as the pair reaches the support area and then rebound to target the neckline at 93.25 ,where a breakout will take the pair towards the technical target near 94.25 – 94.50. A four hour closing above 92.35 is vital for the uptrend to remain.

The trading range for today is among the key support at 90.00 and the key resistance at 95.10

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 92.55 to 94.25 and stop loss below 91.90 might be appropriate.