Technical Analysis for JPY

Technical Analysis for JPY

The pair’s upside move remained limited below 78.6% correction at 100.30 then moved back to the downside, as momentum indicators are showing the weak momentum of the pair. The pair is trading again below key resistance level of the ascending channel which might trigger some bearish correction. Trading below 100.30 will be considered intraday negative if the broke 99.35 levels represented in 61.8% correction as shown on graph.

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: 99.35, 99.00, 98.80, 98.60, 98.05
Resistance: 99.95, 100.30, 100.90, 101.15, 101.35

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 99.75 targeting 99.35, 99.00 then 98.60 and stop-loss above 100.30 might be appropriate today