Technical Analysis for JPY

Technical Analysis for JPY

The pair rose after failing to break 88.25 but is still limited below key support level of the ascending channel, suggesting that the upside move is a retest for the bullish support level that was broken. Stochastic is currently showing negative signals but we need to confirm the return of the downside correctional move by trading back below 88.80 levels. Therefore, we prefer to stand neutral waiting for confirmations to the return or end of the bearish correction.

The trading range for today is among key support at 86.80 and key resistance at 90.85.

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

Support: 89.00, 88.70, 88.40, 88.25, 88.00
Resistance: 89.30, 89.75, 90.10, 90.50, 90.85

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