Adopting a favorable reaction to yesterday's caught negative signs, greenback plummeted violently versus the Japanese yen reaching our suggested technical target at 76.95 as seen on the provided daily chart -check the previous report-. Now, the projected bearish wave may continue over intraday basis due to the consecutive negative signals on technical indicators. Moreover, the candlestick structure represents another technical catalyst that could send the pair towards 76.50-76.30 zones. Only breaching 77.90-78.00 will negate our suggested bearish scenario.
The trading range for today is among key support at 76.10 and key resistance now at 78.30.
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, selling the pair around 77.30 targeting 76.50 and stop loss above 77.90 might be appropriate.|