Morning Report

A clear slant is gradually starting appearing on the dollar versus yen after nearing support level for the ascending channel previously shown - currently at 91.20 -. We still see that the expected direction for today is bullish; targeting main resistance levels at 92.50 as a primary target for the present bullish short term wave, before possibly reversing. Keep in mind that the breach of 90.75 could cancel out the need to touch main resistance and directly start a bearish trend.

The trading range for today is among the key support at 90.15 and the key resistance at 92.50.

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 buying the pair from 91.20 target 92.50 and stop loss below 90.35, might be appropriate.