Weekly Report 8 - 12 / February / 2010

The dollar versus yen managed to achieve a strong breach of the neckline for the bearish technical pattern, appearing through the daily chart, where current trading is stabilizing within the descending short term channel. We expect to achieve more bearish short term direction in order for this pattern's targets, which are around 84.80, could prevail. It is vital that 90.30 remain intact to support the bearish direction; whereas the bearish short term remains intact while trading below main resistance 92.50.

The trading range for today is among the key support at 86.40 and the key resistance at 92.50.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 89.60 target 87.85 and stop loss above 90.60, might be appropriate.