Morning Report

The dollar versus yen pair is inline within the bearish channel shown in the image above, after numerous attempts at retesting the breached support at 90.15. Momentum indicators are moving around oversold levels that might pressure the pair to achieve some minor upside moves. However, our overall expectations is that a possible bearish direction could be witnessed today; targeting first the breach of 89.15 and then head towards 88.00. Chances of achieving this bearish move will prevail if 90.15 remain intact.

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 89.90 To target 89.15 and stop loss above 90.50, might be appropriate.