Technical Analysis for JPY
The pair moved sharply to the upside due to breaching 98.60 levels and is trading above 61.8% correction at 99.35 shown on graph. Stability above this level extends the upside move, but the pair has to breach key resistance level of the minor ascending channel shown on graph to trigger another bullish wave reaching 78.6% correction and perhaps 88.6% correction at 100.30 and 100.90 gradually.
The trading range for today is among key support at 98.65 and key resistance at 100.90.
The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.
Support: 99.30, 99.00, 98.80, 98.60, 98.05
Resistance: 99.70, 99.95, 100.30, 100.90, 101.15
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 99.50 targeting 99.70, 100.30 then 100.90 and stop-loss with four-hour closing below 99.00 might be appropriate today