Morning Report

The dollar versus yen today is attempting to shift into a more organized lane for the bullish short term, which is expected to appear through the ascending channel on the image above, in addition to gaining positive bullish momentum that supports this expected direction, currently appearing on the stochastic. Hence, we expect a bullish direction over an intraday basis for today; targeting initially 88.55 and requiring the daily close above 85.80 to prevail.

The trading range for today is among the key support at 85.80 and the key resistance at 88.55.

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 buying the pair from 86.70 target 88.55 and stop loss below 85.80, might be appropriate.