Technical Analysis for JPY

Technical Analysis for JPY

The pair opened the trading session above key resistance level of the downside move and around 338.2% correction at 98.60 as shown on graph. We cannot count on the breach that occurred, as the bullish price gap needs confirmation. Therefore, we prefer to remain neutral in our weekly report. Trading below 98.05 brings back negativity, while breaching 99.00 might trigger a new bullish wave.

The trading range for this week is among key support at 96.70 and key resistance at 100.70.

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

Support: 98.05, 97.65, 97.25, 96.70, 96.25
Resistance: 99.00, 99.70, 99.95, 100.35, 100.70

Recommendation Based on the charts and explanations above, we prefer to remain neutral in our weekly report waiting for confirmation signals