Morning Report

The pair has found a solid support at 76.4% Fibonacci retracement of the wave from 75.50 to 79.50 but the negative pressure continued seen on trend indicators. Stochastic continues moving towards oversold areas creating a contradiction with trend indicators. To conclude, the neutral stance remains unchanged over intraday basis until USD/JPY clears one of the two pivotal levels 61.8% and 76.4% of the aforesaid wave.

The trading range for today is among key support at 75.80 and key resistance now at 77.90.

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, staying aside as risk versus reward ratio is too high today.