Morning Report

The dollar versus yen succeeded in breaching pivotal resistance seen yesterday at 91.35 and head towards achieving the awaited bullish correction. Momentum indicators are entering overbought areas; therefore pointing to the near bearish reversal. Thus, we expect an overall bearish direction over an intraday building it base on 92.20 and head towards targets 91.20 and then 90.25. Keep in mind the importance of 93.05 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 88.80 and the key resistance at 93.05.

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 92.20 target 91.20 and stop loss above 93.05, might be appropriate.