Morning Report

The USD/JPY pair is attempting to breach the support level pointed out yesterday, which has shifted to 90.70 as it may result in a decline today if the pair manages to close below the level on the four hour charts. The stochastic indicator is providing bullish signs, which may delay the breach. However, a successful breakout will open the way towards 88.70 and 88.20 as far as 91.75 remains intact.

The trading range for today is among the key support at 88.20 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 with the breach of 90.70 to 89.70 and stop loss above 91.50 might be appropriate.