Morning Report

The USD/JPY pair was able to confirm the breach of the upside channel on the short term to target the pivot support at 90.10, which may become the neckline for a bearish technical pattern that will result in a decline on the short term. Positive signs are evident on momentum indicators, which may cause the pair to slightly correct to the upside, yet in general, the trend is to the downside on the intraday basis confirmed by the breach of 90.10 to target 88.00. This scenario remains as far as 91.30 is intact.

The trading range for today is among the key support at 88.00 and the key resistance at 92.25

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

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RecommendationBased on the charts and explanations above, our opinion is selling the pair with the breach of 90.10 to 88.80 and stop loss above 91.00 might be appropriate.