Japanese Yen (JPY) Technical Major Currencies (2010-01-28)

The pair entered a bullish correction due to effects from support levels that are between 89.00 - 89.30, where it currently witnessing major oversold signs on the stochastic. This will probably make the bearish wave move to the downside to retest levels around 89.80. The RSI indicator, alongside the possibility of forming a classical bullish technical pattern that makes us expect a major fluctuation on the pair, which might occur today if 91.45 will keep our expectations intact.

The trading range for today is among the key support at 88.00 and the key resistance at 91.10.

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

Weekly Report Previous ReportSupport89.8089.3089.0088.6088.00Resistance90.4590.8591.1091.8592.20RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.20 target 89.80 and stop loss above 90.45, might be appropriate.