Weekly Report 21 - 24 / 12 / 2009
The dollar versus yen bullishly corrected and touched 38.2% Fibonacci, which meets with the resistance level for the descending channel that organizes trades for the bearish medium term wave around 91.10; the MA 100 also met with it today. The gathering of the mentioned resistance level, in addition to the negative signs that clearly appear through momentum indicators insure expectations that a bearish short term direction will be witnessed; targeting 84.85. Keep in mind that achieving these expectations requires 92.35 to remain intact.
The trading range forthis weekis among the key support at 84.85 and the key resistance at 93.10.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 91.10 target 88.55 and stop loss above 92.35, might be appropriate.|