Technical Analysis for JPY

Technical Analysis for JPY

The pair is still stabilizing below 98.60 keeping the downside move after rebounding from the key resistance level shown on graph. Stochastic is getting more negative and the pair is stable below Linear Regression Indicators. All the referred to catalysts gives us a reason to keep our negative expectations. Of note, breaking 97.65 is significant to push the pair further to the downside.

The trading range for today is among key support at 97.05 and key resistance at 99.95.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

Support: 98.05, 97.80, 97.65, 97.05, 96.75
Resistance: 98.60, 98.80, 99.20, 99.40, 99.70

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 98.60 targeting 98.05, 97.65 then 97.05 and stop-loss with four-hour closing above 99.20 might be appropriate today