Morning Report

The dollar versus yen continued pushing to the upside as normal trades within the minor ascending channel that organizes present trades; where it is expected to carry the pair towards resistance levels around 90.75 before reversing to trade to the downside and achieve the previously expected bearish direction scenario. From here, we expect an overall bearish intraday for trades which had started to stabilize on the mentioned resistance and initially target 89.35 and then attempt to breach to achieve more downside movements. Chances of this bearish direction will prevail if 90.95 remain intact.

The trading range for today is among the key support at 88.45 and the key resistance at 90.95.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.75 target 89.35 and stop loss above 91.70, might be appropriate.