Morning Report

The 61.8% Fibonacci correction level continued its stance against the dollar versus yen pair's continuous attempts to ascend, where it returned to its bearish trend once again, supported by negative signs on momentum indicators. We still maintain our previous expectations, where we expect a bearish direction over an intraday basis targeting 89.15 initially, which requires trading to remain below 91.10 for it to prevail.

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.

RecommendationBased on the charts and explanations above our opinion is selling the pair at 90.55 To target 89.15 and stop loss above 91.30, might be appropriate.