Morning Report

The USD/JPY pair inclined sharply yesterday in an attempt to return within the previously breached ascending channel yet as we currently see, the pair was able to breach the key support for the channel once again which still holds the possibility for further declines. The stochastic indicator is showing overbought signs with a bearish crossover making us expect an intraday decline targeting the 90.25 pivot support and then 88.00. The decline remains as far as 91.50 is intact on the four hour charts.

The trading range for today is among the key support at 88.00 and the key resistance at 92.85

The general trend is to the downside as far as 012.60 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 from 91.25 to 90.25 and stop loss above 91.80 might be appropriate.