Japanese Yen (JPY) Technical Major Currencies (2010-01-20)

 @ibtimes
on January 20 2010 2:09 AM

Morning Report

The dollar versus yen managed to breach resistance for the descending short term channel, with a bullish technical pattern appearing and will push the pair towards achieving more bullish correction that we expect will touch 92.20 before resuming the overall bearish direction. From here, we see that the expected direction for today is a bullish correction, but followed by the overall bearish direction continuing. Not that if 90.50 is breach it will cancel out the possibility of an expected bullish correction.

The trading range for today is among the key support at 88.80 and the key resistance at 93.05.

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

Weekly Report Previous ReportSupport90.9090.5089.7589.3588.85Resistance91.3591.8592.2092.6093.05RecommendationBased on the charts and explanations above our opinion is buying the pair from 91.35 target 92.20 and stop loss below 90.50, might be appropriate.

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