Technical Analysis for JPY

Technical Analysis for JPY

The pair dropped, but level 94.10 levels managed to halt the downside push of this week. Also we find the pair stable above key support level of the upside move, forcing us to think that the pair might move to the upside again during this week. Breaking 92.50 levels could stop the possibility of a bullish move and might get the pair into a downside correctional wave.

The trading range for this week is among key support at 91.20 and key resistance at 97.60.

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

Support: 94.10, 93.65, 93.05, 92.50, 92.05
Resistance: 94.90, 95.50, 95.85, 96.25, 96.70

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 94.10 targeting 95.00, 95.50 then 96.70 and stop-loss with four-hour closing below 92.50 might be appropriate this week