Morning Report

The USD/JPY pair continues to pressure to the downside after reaching the 91.30 resistance level, which resulted in the formation of a bearish technical pattern with a neckline at 90.55 targeting a correction towards 89.80 to relieve momentum indicators before continuing the short term uptrend. From here we see the trend is still to the upside as far as trading is above 89.45, yet requires a slight correction.

The trading range for today is among the key support at 86.75 and the key resistance at 93.30

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 89.80 to 90.95 and stop loss below 89.30 might be appropriate.