The USD/JPY pair went mildly downwards relieving Stochastic as we discussed yesterday. This slight downside move has taken it towards SMA 50, while Stochastic approached the oversold zones and it is seemingly preparing to overlap positively. Hence, our bullish outlook remains intact over intraday basis; noting that a break of 78.10-78.30 areas will accelerates. Conversely, areas around 76.65-76.55 should protect our constructive bullish outlook.
The trading range for today is among key support at 76.55 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 around 77.60 targeting 79.55 and stop loss below 76.65 might be appropriate.|