Japanese Yen (JPY) Technical Major Currencies (2009-12-16)

 @ibtimes
on December 16 2009 1:35 AM

Morning Report

The dollar versus yen succeededinapproaching theresistance level for the minor ascending channel that organizes current trades, where the close stabilized below 90.00; thus, keeping the bearish direction intact. Henceforth, we see that the pair is headingdownwards to achieve a possible bearish trend over an intraday basis that will start breaching support for the ascending channel at 88.95; targeting mainly 87.35, while keeping in mind support at 88.45. These expectations are supported by bearish negative signs through momentum indicators, knowing the importance of trades remaining below 90.00 so these expectations will prevail.

The trading range for today is among the key support at 87.35 and the key resistance at 90.90.

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

Weekly ReportMonthly Report

 

Support
88.95
88.45
87.75
87.35
86.75

 

Resistance
90.00
90.90
91.70
92.15
92.85

 

Recommendation
Based on the charts and explanations above our opinion is selling the pair with the breakout below 88.95 with targets at 87.35 and stop loss above 90.00, might be appropriate.

 

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