Technical Analysis for JPY
The pair closed the price gap that started this week and remained stable below 61.8% correction at 99.35. Linear Regression Indicator 55 represents resistance and Stochastic is showing negative signals. We think that the downside move might return and we might see a new attempt to break 50% correction at 98.65 today.
The trading range for today is among key support at 98.00 and key resistance at 100.30.
The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.
Support: 99.00, 98.80, 98.65, 98.05, 97.80
Resistance: 99.35, 99.70, 99.95, 100.30, 100.65
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 99.30 targeting 99.00, 98.65 then 98.00 and stop-loss with four-hour closing above 99.95 might be appropriate today