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Technical Major CurrenciesUSD/JPY
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Midday Report
The pair continued to move to the downside but remains stable above our suggested risk limit. Having a look at smaller time frames, we will find that the four-hour interval offers a possible head and shoulders bottom pattern with a previous broken neckline at 79.65 zones. Actually, it seems that the pair is currently achieving a retest; thus, we hold onto our bullish scenario for the rest of the day. Of note, a break above 80.30 will be a very positive indication for intraday traders.
The trading range for today is among key support at 79.00 and key resistance now at 81.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 79.80 | 79.55 | 79.25 | 79.00 | 78.80 |
| Resistance | 80.30 | 80.50 | 80.75 | 81.00 | 81.25 |
| Recommendation | Our weekly expectations remain valid. | ||||
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