Morning Report

The USD/JPY pair surged to the upside towards 91.60 before gradually reversing to the downside to near the pivot support at 90.35, the neckline for a bearish technical pattern as seen in the above image. This pattern makes us expect a decline on the intraday basis targeting 88.00 as far as 91.75 is intact.

The trading range for today is among the key support at 88.00 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 90.35 to 89.65 and stop loss above 90.95 might be appropriate.