Morning Report

The USD/JPY pair is trading near the minor support that has currently shifted to 88.90, as momentum indicators entered an oversold area, which makes us believe trading is to reverse to the upside in an attempt to reach key resistance at 90.60. From here we expect the intraday trend to be to the upside to touch the resistance, where we then expect the pair to breach level and target 93.80. The short term trend remains to the upside as far as 88.20 is intact.

The trading range for today is among the key support at 87.15 and the key resistance at 93.80

The general trend is to the downside as far as 102.60 with targets at 84.95 and 82.60

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 88.90 to 90.60 and stop loss below 88.20 might be appropriate.