Japanese Yen (JPY) Technical Major Currencies (2009-12-18)

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Morning Report

The dollar versus yen attempted to breach pivotal support twice, mentioned yesterday, at 89.35 in an attempt to achieve the awaited bearish direction's scenario; whereas the price returned to close above support levels for the ascending channel. We still receive bearish negative signs from momentum indicators that support new attempts to achieve the breach to pave the way to complete a possible bearish intraday direction, which will start witha break of89.35 and target 88.45 following 87.35. Keep in mind that this bearish direction requires trades below 90.35 to prevail.

The trading range for today is among the key support at 87.35 and the key resistance at 91.30.

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

Weekly ReportMonthly ReportSupport89.3588.9588.4587.7587.35Resistance89.9090.3590.7591.3091.70RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 89.35 target 88.45 and stop loss above 89.90, might be appropriate.

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