Technical Analysis for JPY

Technical Analysis for JPY

The pair's attempt to the upside yesterday remained limited below resistance level 100.70 keeping the negative expectations. Stochastic is showing a negative crossover that occurred recently close to key resistance level shown on graph supporting the return of the downside move. The main catalyst for these expectations is not breaching the referred to resistance at 100.70.

The trading range for today is among key support at 97.65 and key resistance at 101.60.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

Support: 99.70, 99.40, 99.20, 98.80, 98.55
Resistance: 99.95, 100.35, 100.70, 101.15, 101.60

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 99.95 targeting 99.20, 98.55 then 98.05 and stop-loss with four-hour closing above 100.70 might be appropriate today