Technical Analysis for JPY

Technical Analysis for JPY

The four-hour closing below 88.45 levels has foiled intraday upside movement suggested yesterday; the pair is trading now outside the ascending channel shown on the graph as Linear Regression Indicators increased. Relative Strength Index is moving to the downside towards 30 points area. All of which are considered negative indications. Meanwhile, the pair is trading again around 88.25 – 88.00 critical levels so we prefer to remain neutral till we witness a confirmation signal cancelling the oversold signals shown on Stochastic.

The trading range for today is among key support at 86.80 and key resistance at 90.58.

The general trend over short term basis is to the upside targeting 91.70 as far as areas of 83.40 remain intact.

Support: 88.25, 88.00, 87.80, 87.35, 86.80
Resistance: 88.40, 88.70, 89.00, 89.30, 89.75

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move