Morning Report

The dollar versus yen pair stabilized around 89.25; representing the neckline for the bearish technical pattern shown in the image above, which comes inline with signs of a negative cross over appearing on the stochastic, thereby giving strength to the neckline so that we can expect a bearish trend over an intraday basis for the pair, in an attempt to achieve this pattern's targets currently around 86.20 with the importance of the first target existing at volatile support 87.55. Chances of a bearish sort term wave will prevail is 90.15 is not breached.

The trading range for today is among the key support at 87.55 and the key resistance at 91.35.

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 89.25 To target 87.55 and stop loss above 90.25, might be appropriate.