Morning Report

The USD/JPY pair surged to the upside to touch the 38.2% correction at 91.35 which is currently the key resistance for the downside channel as seen in the above image. These resistance levels alongside the downside adjustment on the stochastic indicator make us believe the pair is to decline on the intraday basis in an attempt to breach the pivot support at 90.15 to target 88.90 as far as 92.10 remains intact on the four hour charts.

The trading range for today is among the key support at 88.40 and the key resistance at 94.70

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 91.35 to 88.90 and stop loss above 92.10 might be appropriate.