The USD/JPY pair continued closing positively above 78.00 zones despite the negativity on momentum indicators -RSI 14 and Stochastic- thus, we believe that it may move mildly lower before resuming the bullishness started at 77.00 zones, supported by the positivity of the daily studies as seen on the secondary image. Our scenario is supported by stability above SMA 50 and SMA 100; whilst breaching through 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 upsidetargeting 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 77.85 targeting 79.55 and stop loss below 76.70 might be appropriate.|