Morning Report

The USD/JPY pair is facing difficulties in breaching the resistance level at 90.40 resulting in a reversal to the downside to retest the previously breached resistance turned into support at 89.50. We still hold our outlook to the upside on the intraday basis targeting 94.00 after the breach of 90.0 with chances of volatility in an attempt to gather the bullish momentum needed. This incline remains as far as 88.40 is intact.

The trading range for today is among the key support at 87.30 and the key resistance at 94.00

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 buying the pair from 89.50 to 90.40 and stop loss below 88.70 might be appropriate.