Morning Report

The dollar versus yen pair stabilized around the previously breached neckline around 90.30, in an attempt to unload the bullish momentum that had appeared through momentum indicators. Notice that the pair formed a bearish technical pattern in its last trading session; where we await its minor support at 90.15 to be breached, to open a way for the previously expected bearish trend to return. From here the expected direction for today is bearish over an intraday basis, where we still see that the complete targets have not been achieved and are currently around 88.00. Stochastic has started to show a bearish negative cross over that supports these expectations.

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.

Monthly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair at 90.30 To target 89.00 and stop loss above 91.00, might be appropriate