Morning Report

The dollar versus yen succeeded in breaching the resistance level, shown in yesterday's midday report, at 88.50 to touch resistance levels for the minor ascending channel, shown in the image above. We can expect more bullish movement over an intraday basis that targets levels between 90.75 - 91.05, with chances of a bearish correction that is supported by negative signs appearing on momentum indicators that should be gotten rid of. The bullish intraday direction requires 88.15 to remain intact within the four hour closing.

The trading range for today is among the key support at 87.10 and the key resistance at 90.75.

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 88.50 target 90.00 and stop loss below 87.75, might be appropriate.