Technical Analysis for JPY

Technical Analysis for JPY

The pair managed to breach 50% correction at 98.20 showing on graph, as stability above it could extend the upside move further today. Despite that Stochastic is showing intraday overbought signals and the negativity of Linear Regression Indicator 55, trading above 97.60 is positive while stabilizing above 98.20 is more positive.

The trading range for today is among key support at 97.60 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: 98.20, 98.00, 97.60, 97.15, 96.80
Resistance: 98.40, 98.65, 98.80, 99.00, 99.35

Recommendation Based on the above, buy the pair above 98.20 targeting 98.80, 99.00 then 99.70 and stop-loss at four-hour closing below 97.60