According to our previous analysis for the USD/JPY pair, stable inclines have been witnessed during the Asian session where the pair was taken towards the initial resistance areas of 77.80 as seen on the provided four-hour chart. Stochastic needs some kind of relief before achieving the required attempt to breach through the pivotal areas of 77.80. The last candlestick formation in addition to the positivity of SMA 100 are rational reasons to propose potential upside move over intraday basis. Ultimately, a break above 78.30 will accelerate inclines.
The trading range for today is among key support at 76.10 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate.|