Morning Report

The dollar versus yen was able to touch main resistance levels for the descending channel, shown in the image above, at 93.50 with momentum indicators moving around overbought areas; therefore making us expect normal trades within this descending channel and thus we see that the expected direction for today is bearish, where the pair through it starts a bearish short term wave and its targets start at 90.75. It is vital to keep in mind that the awaited bearish trend requires the daily close to remain below 93.50.

The trading range for today is among the key support at 94.70 and the key resistance at 91.25.

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

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 93.50 target 92.35 and stop loss above 94.40, might be appropriate.