The dollar versus yen pair succeeded in breaching the neckline for the bearish technical patternseenlast Friday; thus, moving to the downside. Meanwhile, the pair is currently returning to ascend in an attempt to retest the breached neckline - currently at 90.25 - . The positive signs coming from Stochastic could cause some fluctuations around the mentioned level. However, our overall expectations remain intact as we expect a bearish trend over an intraday basis that mainly targets 88.00, taking into consideration that the expected bearish move requires trading to remain below 91.00 - 200 MA thatprotects the bearish direction - .
The trading range for today is among the key support at 88.00 and the key resistance at 92.35.
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair at 90.25 To target 89.00 and stop loss above 91.00, might be appropriate|