Morning Report

The tranquility has dominated the movements of the pair since the opening of this week as seen on the provided daily graph. We notice that the consolidation continues above the key support level of 75.90-75.80; thus, we keep our bullish suggestions intact over intraday basis depending on the positive divergence appearing on RSI 14 and the Elliott count discussed in Eye on USD/JPY pair report which we recommend reviewing it for more details about the importance of 77.25 areas. Conversely, areas of 75.90 should hold to keep the positivity valid.

The trading range for today is among key support at 75.80 and key resistance now at 78.45.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate.