Morning Report

The 61.8% Fibonacci correction was able to halt the dollar versus yen pair's ascend; ending the awaited bullish correction for the last bearish wave, where through it, it was able to gain bearish momentum that supports the return of bearish direction. From here we expect to see an intraday downside move targeting 89.25 and then attempting to breach and head towards levels below 88.00; keeping in mind the importance of the four- hour closing below 90.50 to maintain chances of achieving the expected bearish trend.

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.

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RecommendationBased on the charts and explanations above our opinion is selling the pair at 90.50 To target 89.25 and stop loss above 91.30, might be appropriate.