Morning Report

The pivotal support 90.00 forced the dollar versus yen pair to rebound and trade around the resistance appearing on the image above, due to pressure from the positive signs on momentum indicators that need to unloaded. The current scenario is the formation of a bearish technical pattern that makes us expect a bearish trend over an intraday basis for today that will indeed start forming after the breach of 90.00; targeting first 89.15. It is vital that 91.30 remain intact so that the bearish direction may 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 90.75 To target 89.15 and stop loss above 91.30, might be appropriate.