Technical Analysis For JPY

Prices continued to move lower after re-experiencing the short-term falling trend line connecting the movements from the significant high of 103.70 as seen on the provided daily chart. The recently established descending channel in addition to stability below major broken support levels argue us to predicate further weakness this week. Stability below Ribbons lines (EMA 10 to 80) and the bearishness on RSI 14 reinforce our constructive bearish overview with targets 93.80.

The trading range for this week is among key support at 93.80 and key resistance at 99.15.

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

Support: 96.00, 95.50, 95.20, 94.30, 93.80
Resistance: 96.70, 97.00, 97.40, 98.25, 99.15

Recommendation Based on our explanations above, we believe that selling the pair around 96.70 with targets at 93.85 and stop loss at 97.95 could be appropriate this week.

IMOH, Clement I.
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