Japanese Yen (JPY) Technical Major Currencies (2010-01-22)

The dollar versus yen built a base on 91.90 to start the awaited bearish wave yesterday, achieving the suggested targets while trades stabilizes below the MA 200 and faces pivotal support, which is previously breached resistance appearing on the chart above. Meanwhile, momentum indicators are showing oversold signs that are forcing the pair to fluctuate before resuming the expected bearish direction over an intraday basis. The primary target is around 87.70, keeping in mind that trades must remain intact below 90.90 to maintain chances of achieving the expected descend.

The trading range for today is among the key support at 87.70 and the key resistance at 91.90.

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

Weekly Report Previous ReportSupport89.6089.3588.8588.0087.70Resistance90.5591.3591.8592.2092.60RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.55 target 89.60 and stop loss above 91.35, might be appropriate.