Technical Analysis for JPY
The pair is still stable above 99.35 represented in 61.8% correction forcing us to hold on to our positive expectations. Stability above 61.8% correction indicates another possibility of an upside move even if the pair is around key resistance level of the ascending channel, but the possibility of extending bullishness is valid unless the pair broke 99.35 levels.
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, 98.65
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 99.95, 100.30 then 100.90 and stop-loss with four-hour closing below 99.00 might be appropriate today