Morning Report

The dollar versus yenpair is stuck within the rising wedge's support with resistance for the previously breached descending channel - at 89.30 -. Momentum indicators show negative signs that make us maintain the previously expected bearish direction, where we await the breach of 89.50 the 87.75. It is vital that trading remain below 90.40 so these expectations may prevail.

The trading range for today is among the key support at 87.75 and the key resistance at 90.45.

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 with the breach of 89.30 target 88.25 and stop loss above 90.40, might be appropriate.