Japanese Yen (JPY) Technical Major Currencies (2009-10-23)

on October 23 2009 1:30 AM

Morning Report

The USD/JPY pair is still within a short term ascending channel, seen in the image above,which was supported by the previously discussed bullish technical pattern. We expect more inclines today as momentum indicators near overbought signs, which may result in slight downside corrections and volatility around the support levels between 91.35 – 91.10 before rebounding back to the upside to target 92.02 and 93.00. The uptrend remains as far as 91.10 is intact on the four hour charts.

The trading range for today is among the key support at 89.00 and the key resistance at 93.00

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

Support91.3591.1090.7090.2589.45Resistance92.0592.2093.0093.8094.25RecommendationBased on the charts and explanations above, our opinion is buying the pair from 91.35 to 92.20 and stop loss below 90.70 might be appropriate.

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