Morning Report

The dollar versus yen returned to negatively pressure minor support levels currently at 88.35; thus, paving the way for the expected bearish direction over an intraday basis scenario to start breaching mentioned support and head towards pivotal horizontal support areas at 87.35 that represent the supposed neckline for the bearish technical pattern which is currently under formation. The breach of 87.35 opens the way to directly descend and target 85.00. Keep in mind that the expected bearish trend for today requires trades to remain below 89.25 so it may prevail.

The trading range for today is among the key support at 87.10 and the key resistance at 89.90.

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 selling the pair with the breach of 88.35 target 87.35 and stop loss above 89.25, might be appropriate.