Morning Report

The USD/JPY pair was able to return to the downside below the key resistance for the descending channel, as seen in the image above,where we expect the pair to decline on the intraday basis targeting 89.15. We may witness volatility during the decline as momentum indicators near an oversold area. The 92.60 level must remain intact for the decline to continue.

The trading range for today is among the key support at 89.15 and the key resistance at 95.00

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 selling the pair from 91.60 to 90.40 and stop loss above 92.60 might be appropriate.