Technical Analysis for JPY

Technical Analysis for JPY

The pair rebounded after touching around levels 98.00 without achieving a four-hour closing below it. Linear Regression Indicators are still negative and the pair is stable below 98.65 forcing us to keep our negative expectations. Of note, breaking 98.00 levels and stabilizing below it is very important to prove the bearish wave, as the referred to level is represented by 38.2% correction shown on graph.

The trading range for today is among key support at 96.75 and key resistance at 99.70.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

Support: 98.00, 97.80, 97.65, 97.05, 96.75
Resistance: 98.65, 98.80, 99.00, 99.35, 99.70

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 98.65 targeting 98.00, 97.65 then 97.05 and stop-loss with four-hour closing above 99.35 might be appropriate today