Morning Report

The dollar versus yen took up a flag pattern through the minor ascending channel, where we see that it will push the pair towards achieving more bearish correction that may reach 61.8% Fibonacci at 87.10. A rebound to the upside in trades will follow the completion of this correction to achieve a possiblebullishness over an intraday basis; targeting 88.50 then 89.35, while keeping an eye out for trades remaining intact above 87.10 is vital to maintain chances of achieving the expected bullish direction.

The trading range for today is among the key support at 87.10 and the key resistance at 89.35.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Monthly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 87.10 target 88.50 and stop loss below 86.20, might be appropriate.