Morning Report

Yen is gaining grounds against the greenback since forming the recent top at 84.15, where the pair could have started a deep correctional move; currently heading towards the 50-days SMA; in general the area among 80.50-80.00 is a possible reversing zone, therefore, we prefer to wait until we reach there to expect a bullish rebound.

The trading range for today is among key support at 79.55 and key resistance now at 83.00.

The general trend over short term basis is to theupsidetargeting87.45as far as areas of 75.20remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above we recommend staying aside awaiting further confirmations.