Technical Analysis for JPY
The pair dropped yesterday and touched levels close to support at 95.50 then rebounded to the upside. This is the second attempt of achieving a four-hour closing above the referred to level and failing. By examining the technical indicators, we find that Stochastic is showing a positive crossover and an upside move, but Linear Regression Indicators are still negative. We prefer to remain neutral intraday today waiting for new confirmation signals.
The trading range for today is among key support at 95.00 and key resistance at 98.05.
The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.
Support: 96.55, 96.35, 96.10, 95.50, 95.00
Resistance: 97.35, 97.80, 98.05, 98.65, 98.80
Recommendation Based on the charts and explanations above, we perfer to remain neutral today
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