Japanese Yen (JPY) Technical Major Currencies (2009-12-31)

 @ibtimes on December 31 2009 2:08 AM

Morning Report

The pair succeeded in touching the awaited resistance level which currently resides at 92.40 accompanied by Stochastic and RSI trading near overbought areas. Therefore, we expect an intraday downside move targeting initially the channel's support at 91.80 to open the way to the short term downside wave which target next 90.75. Note that steady trading above 92.40 might cancel the strength of this level and might take the pair higher towards 93.60 to continue trading within this channel.

The trading range for today is among the key support at 90.75 and the key resistance at 93.60.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.Support91.8091.3590.7590.1589.60Resistance92.4092.8093.3593.6094.30RecommendationBased on the charts and explanations above, our opinion is selling the pair from 92.40 to 91.80 and stop loss above 92.80 might be appropriate

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