Technical Analysis for JPY

Technical Analysis for JPY

The pair is trading in a negative bias that pushed Stochastic towards intraday oversold areas. The pair has also consolidated above 95.40 levels supporting the possible return of intraday positivity today. A deeper correction is likely to happen if the referred to level was breached, but the ascending channel best support our positive expectations as shown on the graph.

The trading range for today is among key support at 94.10 and key resistance at 97.10.

The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.

Support: 95.40, 95.00, 94.85, 94.50, 94.25
Resistance: 96.00, 96.70, 97.10, 97.85, 98.10

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 95.50 targeting 96.00, 96.70 then 97.10 and stop-loss with four-hour closing below 94.85 might be appropriate