Morning Report

The dollar versus yen attempted a bullish correction awaited since last Friday touching 86.95, where it headed to test main support currently at 85.80 in an attempt to breach it and continue the bearish direction. Momentum indicators show some positivity, which could make the pair's mission to breach intact. However, our overall expectations are for a bearish direction over an intraday basis, which will start if the four hours close below 85.80 and target 84.95 then 84.00. Keeping in mind the importance of 84.00 remaining intact, so expectations may prevail.

The trading range for today is among the key support at 84.80 and the key resistance at 87.50.

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 with the breach of 85.80 target 84.95 and stop loss above 86.45, might be appropriate.