Morning Report

It appears that support levels' minor ascending channel remains strong in front of the dollar versus yen attempt to descend, supported by the MA 50; in addition to the 38.2% Fibonacci correctional level. We see that this stance won't last for long, hence we await a base to be built on minor resistance 89.35, accompanied by negative signs that are expected to be ready through momentum indicators to bearishly reverse and start a bearish intraday direction for today, which requires two main points: the first is 90.00 remaining intact and the second is a strong breach of 88.45. The first target for moving downwards is at 87.35.

The trading range for today is among the key support at 86.20 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 Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 89.35 target 88.45 and stop loss above 90.00, might be appropriate.

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