Technical Analysis for JPY

Technical Analysis for JPY

The pair stabilized around key resistance level of the ascending channel and we think the breaching it and achieve further bullishness is possible today. Extending the upside move is due to stabilizing above 61.8% correction represented in 99.35 and trading above this level forces us to hold on to positivity.

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: 99.50, 99.30, 99.00, 98.80, 98.60
Resistance: 99.95, 100.30, 100.90, 101.15, 101.35

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