Technical Analysis for JPY
Stability above 93.80 levels failed the negative expectations mentioned in our weekly report; the pair is now stable above Linear Regression Indicator 34 and 55 as seen on the chart. The possibility of touching 95.50 levels is valid again, whereas that level represents the long-term ascending wave target that started from bottom 77.11 levels; breaching 91.70 levels earlier extended the targets. Risk/Reward ratio is suitable to suggest an upside move that requires stability above 93.05.
The trading range for today is among key support at 92.05 and key resistance at 95.50.
The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.
Support: 93.65, 93.30, 93.05, 92.70, 92.50
Resistance: 94.05, 94.25, 94.85, 95.00, 95.50
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 93.65 targeting 94.05, 95.00 then 95.50 and stop-loss with four-hour closing below 92.70 might be appropriate