Morning Report

The dollar versus theyen continues to trade within a minor bearish channel, shown on thechart above, nearing its main support at 87.80. The stochastic is showing negative signs that support trading within this channel, thus we can expect to achieve a bearish direction over an intraday basis targeting the mentioned support level and then witness more downside movement towards 86.00. Notice that the downside direction will remain intact if 89.60 is not breached.

The trading range for today is among the key support at 86.75 and the key resistance at 93.60.

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 at 89.60 To target 88.30 and stop loss above 90.40, might be appropriate