Morning Report

The breach of 88.00 caused a sharp descend, which took us towards the support at 86.25 which represents 138.2% correction level, shown in the image above. We still expect more descends; where ADX index points to a volatile bearish direction, but may first make the pair retest the resistance levels since it does not surpass 87.35, which might be followed with a possible bearish move, head towards the next target represented by the 161.8% correction at 85.40 yen per dollar. Momentum indicators support the possibility of a minor bullish correction.

The trading range for today is among the key support at 84.15 and the key resistance at 89.65.

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 from 86.80 target 85.40 and stop loss above 87.35, might be appropriate