The USD/JPY pair has soared adopting a favorable reaction to our yesterday's suggested positive scenario as seen on the provided daily chart. Stochastic also succeeded in achieving a confirmed bullish signal which may assist the pair to breach through the upper line of our previous captured flag pattern. More upside actions might be seen today and a break above 83.20 will be a good indication for extending the upside rally beyond 2012 high around 84.15.
The trading range for today is among key support at 81.00 and key resistance now at 84.15.
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 82.50 targeting 84.15 and stop loss below 81.40 might be appropriate.|