Morning Report

The USD/JPY pair has been trading flat and struggle continues with the pivotal resistance areas hinted yesterday at 83.70. We need to witness a breakout above 84.15 to be able to declare that the path is clear towards high recorded in April, 2011 at 85.50. On the downside, a break below 82.80 will activate the overbought signs appearing on momentum indicators. To summarize this, the neutrality remains favored over intraday basis.

The trading range for today is among key support at 82.00 and key resistance now at 85.00.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.