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Intraday trend is bearish as long as resistance 88.50 holds. The pair continued its bearish trend on strong yen yesterday and lost more than 100 pips from yesterday's close. It hit a low of 86.50 and is currently trading around 86.63. Overall bearish trend is intact as long as resistance 91.80-92 holds.
Technicals-
The pair trades below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 87.19 (23.6% fib of 89.42 and 86.50), a breach above targets 88/88.60. The immediate support is at 86.35, any violation below will drag the pair to 86/85.10/84.06.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 87.45-48 with SL around 88.60 for a TP of 85.10.
